Rising Costs Strain Greek Households: Annual Expenditure Increased by 5.3% in 2023

Greek households are feeling the pressure of rising costs, as annual spending surged by 5.3% in 2023, according to new data from ELSTAT.

On average, households spent €20,223.36 annually (€1,685.28 per month), with half of households spending over €1,315 monthly.

The rising cost of essentials, including food and housing, hit lower-income families hardest. Households in the poorest 20% of the population allocated 55.8% of their budget to food and housing, compared to just 24.8% for the wealthiest 20%. Rent also took up a significant portion of household expenses, with renters spending 16.8% of their income on housing.

The region of Attica recorded the highest average annual household expenditure at €23,325.96, while Central Greece had the lowest at €14,052.24. Despite the 2023 increase, household spending remains 20.5% lower than in 2008.

Food and non-alcoholic beverages (20.7%), housing (14.1%), and transport (13.1%) accounted for the largest portions of household budgets. Spending on restaurants, cafes, and hotels rose by 15.9%, while recreation and health also saw notable increases.

In food categories, oils and fats saw the largest price hikes (+11.9%), followed by sugar, jams, and chocolate (+9.8%). However, spending on fish (-3.9%) and coffee, tea, and cocoa (-1.2%) declined slightly.

ELSTAT’s findings underscore the financial burden on Greek households as inflation continues to push up the cost of living.

(Source: To Vima)