A recent report from the General Secretariat of Trade has highlighted a striking trend: between 2021 and 2025, the prices of essential goods and services in Greece increased at rates far higher than wage growth, sharply reducing household purchasing power.
Soaring Prices Across Key Categories
The cumulative price increases over five years are staggering:
- Beef: +237%
- Electricity: +52%
- Fast food: +106%
- Bread: +72%
- Rent: +106%
- International flights: +625%
Other essential items such as pork, lamb, dairy, vegetables, and services including water supply and education also saw significant price jumps. Even lower-cost alternatives like fast food, once considered budget-friendly, have become substantially more expensive.
Wage Increases Fall Behind
During this period, the minimum gross wage rose from €650 (December 2021) to €880 (April 2025), representing a total increase of 35.4% (or +€230 per month). While wages did rise in nominal terms, they failed to keep pace with the rapid increase in the cost of living.
Impact on Households
The report concludes that real disposable income has effectively declined. Families now face higher living expenses without a proportional increase in earnings, weakening overall purchasing power.
The situation is being called a “Great Heist” on everyday Greeks: escalating prices coupled with modest wage growth are eroding living standards. For many households, the critical question is no longer how much they earn, but how much they must spend to cover basic needs.
Price Increases in Greece (2021–2025): The “Great Heist”
| Category | 2021 | 2022 | 2023 | 2024 | 2025 | Cumulative Increase |
|---|---|---|---|---|---|---|
| Bread | 32.77% | 27.09% | 5.13% | 3.38% | 3.25% | 71.62% |
| Cereals | 20.21% | 22.97% | 15.66% | 0.80% | -1.24% | 58.40% |
| Beef | 71.88% | 67.82% | 39.66% | 32.51% | 25.41% | 236.88% |
| Pork | 37.99% | 39.79% | 18.47% | 6.91% | 4.79% | 107.95% |
| Lamb/Goat | 67.68% | 42.62% | 17.52% | 9.11% | 8.49% | 145.42% |
| Chicken | 30.90% | 25.02% | 5.04% | 3.58% | 3.50% | 68.04% |
| Fresh/Frozen Meat | 54.13% | 48.34% | 24.12% | 17.23% | 13.80% | 157.62% |
| Fish/Seafood | 24.71% | 18.99% | 16.09% | 7.75% | 4.06% | 71.60% |
| Electricity | 43.07% | -8.72% | 7.90% | 8.38% | 2.36% | 52.99% |
| Fast Food | 35.95% | 33.50% | 18.17% | 11.41% | 7.05% | 106.08% |
| Rent | 28.62% | 27.76% | 22.85% | 18.60% | 8.65% | 106.48% |
| International Flights | 238.49% | 198.46% | 68.90% | 64.91% | 17.34% | 587.10% |
| Hotels | 30.72% | 28.65% | 19.38% | 12.21% | 6.77% | 97.73% |
| Private Insurance | 38.96% | 37.96% | 30.52% | 14.49% | 7.00% | 128.93% |
Note: Cumulative increase is the sum of yearly percentage changes, showing how prices for essential goods and services have dramatically risen between 2021 and 2025, outpacing wage growth and reducing purchasing power.
In summary, the gap between soaring prices and limited income growth means that purchasing power, not nominal wages, is the true measure of economic well-being—and for many Greeks, it has sharply diminished since 2021.