Products cost more in Greece

The list of the biggest price increases in October does not include electricity, which posted annual price growth of 7.4%, but dairy products, whose average price grew by 24.2% from October 2021, according to the inflation data the Hellenic Statistical Authority released on Thursday .

Greece is more expensive in a range of standardized products, both domestically produced and imported, even without factoring in the value-added tax in. Basic products, such as milk, flour, rice, eggs and several others, are much more expensive for Greeks, who also pay more for olive oil than all other olive-producing countries in Europe.

This stems from a detailed examination of the prices the Development Ministry presented on Tuesday at a press conference, using data from an extensive survey by the Research Institute of Consumer Goods (IELKA). Even though the total basket calculated by IELKA appears to be the second cheapest after that of Spain, if chicken, fruit, vegetables and cod are excluded, the result of the comparison is rather worrying.

Out of the 5,000 price checks IELKA carried out, the number of identical products was very small, around 10%. The prices presented in the survey are the average prices of the products examined in each of the 41 product categories and include branded, private label, and of course products of different qualities. Only products that are obviously more expensive, such as organic ones, were excluded.

According to the IELKA survey, the value of the basket after comparing average prices in 41 product categories in Greece comes to 155.8 euros including VAT and €134.1 without, the second cheapest after Spain (€154.7 with VAT but €142.4 without VAT).

Asked, however, about a possible VAT reduction, Development Minister Adonis Georgiadis pointed out that would have a large fiscal impact and that all the institutions, including the European Central Bank, recommend targeted measures and not measures of a general nature.

However, aside from the total value of the basket, in 25 of the 41 product categories, prices in Greece are either the highest or the second highest among the six countries compared. Fresh milk in Greece is sold for €1.63 per liter, in Great Britain for €1.51/lt, in Spain €1.37/lt, in Portugal €1.04/lt, while in France it was €1.65/lt, a country of course with a much higher capita income.


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