Greek households have seen decreasing disposal income from surging prices on supermarkets' shelves, especially for products such as milk, cheeses and cooking oils

Food prices are the primary worry in the east Med country

Special analysis for 2022-23 cites the consequences of price appreciation in housing, energy and food

The Greek prime minister admitted that prices are 'much higher than where they were three years ago,' while maintaining that the problem doesn't affect only Greece, but all of Europe

The biggest concerns aired by respondents to the poll continued to be high inflation and the economy.

The statistics authority cited a decline in energy prices, especially a 60.2%-decrease in natural gas prices.

The report notes that consumption growth remained notably reduced despite a robust recovery in 2022, adding however, that it remained one of the main drivers of growth last year

According to the data, Greeks rank last in per capita income purchasing power, coupled with the sixth-highest indirect tax burden in the European Union

Promises continued market inspections and the imposition of heavy fines to contain damage

Notably, self-sufficiency in key commodities like beef, pork, cow's milk, and butter remains notably low, ranging from 20% to 60%, underlining the vulnerability of the supply chain

Conversely, the growth forecast in 2023 lowered to 2.2% of GDP instead of previously announced 2.4%

Across the European Union, annual inflation reached 3.4% in December 2023, rising from 3.1% in November marking a significant decrease from the 10.4% recorded one year earlier

The Greek economy is facing 8 chronic "ailments" fuelling inflation which can be distilled to a mix of Greed for profits by businesses “Greedflation”, dependence on domestic production and consumption on imports, the pandemic, the energy and climate crisis, along with low wages

According to the Numbeo online platform, a liter of milk in Amsterdam costs 1.18 euros, while in Athens, it is 1.63 euros

This data confirms recent figures released by the European Statistical Authority (Eurostat), according to which inflation saw a spike in both Greece and the Eurozone as a whole in December

Higher costs of living, especially 'biting' prices on supermarket shelves, has emerged as a priority for the Mitsotakis government to handle and deflect criticim

However, supermarkets and department stores saw a decline in EBITDA profits by 9.06% to a 613.3 million euros in 2022 compared to 674.5 million euros in 2021, as this sector had experienced unprecedented profits during the pandemic period of 2020-2021

Inflation rates will remain above the ECB limit (2%), not only for 2024 but also for 2025, something that will continue to test the resilience of consumers, especially if new geopolitical challenges arise that might exacerbate the already precarious situation