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The consumer basket in Greece

12 October 2014 / 15:10:28  GRReporter
2724 reads

Salaries in Greece might have been reduced during the memorandum, but the prices of basic products have increased making it worse for family budgets.

Notably, the prices of 31 out of the 54 food and household goods increased from January 2011 to August 2014, the percentage of increase in some of them reaching 13.75%, according to data of the Greek Statistical Institute.

Over the past 44 months the price of milk has increased by 8.25%, the price of yoghurt - by 8.76%, that of white brined cheese - by 5.34%, and the price of other types of cheese - by 5.72%.

The prices of meat products - chilled and frozen, as well as of fish have also moved upward. There has been an increase by 2.82%, even in the price of pulses - a product used primarily by the economically weakest segments of the population. Eggs have become more expensive (8.87%), while the price of nuts has risen by 13.75%.

According to tables published by Kathimerini newspaper, the percentage development of commodity prices in the consumer basket for the period January 2011 - August 2014 is as follows:

Increase (%)

  • nuts 13.75
  • tobacco 9.71
  • eggs 8.87
  • yoghurt 8.76
  • milk 8.25
  • sugar 8.07
  • salt 6.37
  • frozen fish 6.06
  • cheese 5.72
  • white brined cheese 5.34
  • fresh beef 5.06
  • wines 4.53
  • frozen meat 4.37
  • coffee 4.09
  • marmalade 4.02
  • fresh pork 3.67
  • preserved tomatoes 3.35
  • chocolate 3.06
  • soft drinks 2.87
  • pulses 2.82
  • fresh fish 2.66
  • butter 2.54
  • fruits 2.38
  • cold meats 2.11
  • cereal 1.83
  • sweets 1.54
  • margarine 1.22
  • alcoholic drinks 1.04
  • wine 0.68
  • olives 0.43
  • ice cream 0.22

Decrease (%)

  • rebaked bread 0.8
  • cocoa 0.3
  • honey 0.54
  • children’s foods 0.83
  • olive oil 1.33
  • bread 1.92
  • beer 2.11
  • goods for immediate consumption 2.36
  • cleaning agents and detergents 2.49
  • pasta 3.06
  • oil 3.53
  • rice 3.71
  • fruit juices 4.01
  • mineral water 5.74
  • poultry 5.99
  • lamb 7.07
  • flour 9.68
  • vegetables 14.59
  • potatoes 21.03

At the same time, Greeks have experienced a dramatic shrinking of revenues. In 2013, GDP per capita in purchasing power units lagged behind by an average of 25%. Yet, according to the latest data from the Organization for Economic Cooperation and Development Greece is a little cheaper than Germany where GDP per capita in 2013 was 24% higher than the average one in the EU. That is, a consumer basket with products and services costs € 100 in Greece, while in Germany it costs € 117.

Tags: consumer basket prices increase decrease
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