Author Topic: Cost of living in Greece  (Read 7429 times)

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Offline Maik

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Cost of living in Greece
« on: Monday, 10 February, 2014 @ 19:01:40 »
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Upon studying the prices on several basic products in different eurozone countries, it seems that Greece doesn’t have the highest prices, but rather is on the same or lower level compared to other countries. However, by connecting these prices to the incomes of Greek households, it is revealed that Greece is in real terms the most expensive eurozone country.

The main reason behind this conclusion is the fact that product prices in Greece are unfortunately not being constantly adjusted to the new incomes, which have been reduced as much as 3% during the last three years. Therefore, today’s prices may still relate to Greek incomes of 2009.

Greek consumers are asked to spend €63.4 for filling their shopping basket with 20 basic products, such as rice, bread, milk, eggs and olive oil. With a minimum wage of €586, Greeks spend 10.81% of their monthly salary on food. Meanwhile, in the Netherlands, the same products total €50.3, which corresponds to only 3.7% of the monthly income in the Netherlands, where the minimum wage is at €1,478.
http://greece.greekreporter.com/2014/02/10/greece-most-expensive-country/


"...incomes, which have been reduced as much as 3% during the last three years" - er, should that be 30%? Probably not based on Kef prices, either.