Figures released by the National Statistical Service (NSS) in March 2009 claim that inflation in Greece is 1.3 percent, its lowest in 41 years; inflation in the United States is at a 50-year low. This is a significant change from May last year when Greek inflation was reported to be 4.9 percent, its highest in 10 years.
However, it finally came out via IMF audit that Greece lied and fixed its stats. To receive the biggest bailout in history, three tax increases were imposed between March 2010 and January 2011 and inflation hit a 13-year high. As of January 2011, Greece has the highest inflation in the EU, second only to Romania.
The Greek government promised that grocery prices would be lowered in late 2008, which did happen for a few months. But they were raised to rates above the original once that period ended. For example, a half kilo of rice was 0.55 when I surveyed the price in June 2008, the government and cooperating supermarkets lowered it to 0.45, but now it’s up to 0.65 — that’s 31 percent higher if calculated from 0.45, and 15 percent if calculated from 0.55. However, the NSS claims the price of rice only rose 11.2 percent. The 2008 IOBE report was more in line with my findings, citing price hikes of 20.1 percent for pasta and 12.7 percent for bread by end of August 2008.
Speaking of bread, we now pay 0.23 cents more to receive 10 grams less product, and prices will again be raised February 2011. I pay attention to these things because I calculate everything to the penny to make these price comparisons as fair and accurate as possible. I am also an active part of this household’s long-term financial planning, so I know exactly where money is being spent and why. It’s not sexy or cool, but there’s a huge difference between consuming and investing.
In the cabinet reshuffle, former Transport Minister and current Development Minister Costis Hatzidakis replaced Christos Folias, the self-proclaimed corruption fighter who vowed to “cut off the hands” of profiteers. Hatzidakis promised that consumers in Greece can expect price cuts in May. Tha doume (we’ll see).
I realize the price of everything goes up every year in every country, but I seriously doubt the majority of us working in Greece saw a 10-20 percent salary hike to keep pace with the double-digit rise in cost of living. In fact, 600 people lose their jobs every day in Greece and a great number of highly educated professionals are now amongst the ranks of homeless.
* Graph from IMF.org
Greece 2007 vs. 2008: Inflation in one year
This is a sample of grocery items, personal care products and services, which is sourced from my “Greece vs. USA price comparison 2007” and “Greece vs. USA price comparison 2008.” The percentage of change is noted as a subtotal for the category in red if prices went down, and in green if prices went up.
Note that prices for 2009 are higher and will be published in June.
All prices shown in euros (€).
ITEM | 2007 | 2008 |
Beverages | ||
Fanta, 1.5 liter | 1.45 | 1.42 |
Coke, 1.5 liter | 1.45 | 1.45 |
Orange juice, 1 liter | 1.40 | 1.19 |
-6% | 4.30 | 4.06 |
Dairy | ||
Milk, 1 liter | 1.35 | 1.49 |
Plain yogurt, 200 g | 1.18 | 1.12 |
Butter, 250 g | 2.59 | 2.96 |
Unsalted butter, 250 g | 1.19 | 1.89 |
Margarine, 500 g | 0.70 | 0.82 |
12 large eggs | 2.36 | 2.82 |
Philadelphia cheese, 200 g | 1.76 | 1.65 |
Cheddar, 200 g | 1.85 | 2.40 |
Ricotta, 250 g | 1.70 | 1.85 |
Sour cream, 150 g | 2.59 | 2.79 |
Haagen Dazs, 500 ml (pint) |
6.27 | 6.32 |
+10% | 23.54 | 26.17 |
Basics | ||
Rice, 500 g | 0.37 | 0.55 |
Sugar, 1 kilo | 0.84 | 0.84 |
Brown sugar, 500 g | 1.19 | 1.41 |
Fructose, 400 g | 1.84 | 1.95 |
Flour, 1 kilo | 0.60 | 0.89 |
+15% | 4.84 | 5.64 |
Complex carbs | ||
Kellogg’s Frosted Flakes, 500 g |
3.67 | 3.79 |
Bread (white sliced), 350 g (now 340 g) |
1.42 | 1.65 |
Bread (unsliced oval loaf) | 0.50 | 0.69 |
El Paso Tortillas (8 ) | 2.11 | 2.16 |
Lay’s Salt vinegar chips, 130 g | 1.11 | 1.16 |
+7% | 8.81 | 9.45 |
Pasta | ||
Tomato Sauce, 1.5 liter | 0.92 | 1.56 |
Barilla sauce, 380 ml |
1.99 | 1.96 |
Barilla spaghetti, 1 kilo |
1.20 | 2.08 |
Whole peeled tomatoes, 400 g | 0.63 | 0.72 |
+25% | 4.74 | 6.32 |
Meat | ||
Chicken breast, 1 kilo | 8.17 | 8.10 |
Chicken drumsticks, 1 kilo | 3.98 | 5.67 |
Ground beef, 1 kilo | 8.48 | 9.39 |
Pork top loin boneless, 1 kilo | 7.64 | 11.19 |
Turkey breast, 1 kilo | 6.30 | 6.23 |
Bacon, 1 kilo | 9.67 | 9.67 |
Cooked ham (counter), 1 kilo | 13.59 | 14.80 |
Hot dogs, 340 g | 1.89 | 1.89 |
+11% | 59.72 | 66.94 |
Fresh produce | ||
Broccoli, 1 kilo | 2.59 | 2.19 |
Zucchini, 1 kilo | 1.29 | 0.98 |
Green beans, 1 kilo | 2.89 | 4.47 |
Carrots, 1 kilo | 0.43 | 0.82 |
Mushrooms, 250 g | 0.98 | 1.09 |
Spinach, 1 kilo | 1.29 | 1.57 |
Yellow pepper, 1 kilo |
3.39 | 6.49 |
Onion, 1 kilo | 0.66 | 0.58 |
Potatoes, 1 kilo | 0.67 | 0.47 |
Tomatoes, 1 kilo | 1.49 | 2.39 |
Apples, 1 kilo | 1.32 | 1.89 |
Bananas, 1 kilo | 1.69 | 1.67 |
Pears, 1 kilo | 1.79 | 1.79 |
Grapes (red seedless), 1 kilo |
2.98 | 3.07 |
+20% | 23.46 | 29.47 |
Condiments | ||
Salt, 500 g | 0.15 | 0.65 |
Pepper, 50 g | 0.49 | 0.46 |
White vinegar, 500 ml | 1.22 | 1.26 |
Ketchup Heinz, 340 g | 1.37 | 1.70 |
Knorr chicken cubes | 1.77 | 1.66 |
+13% | 5.00 | 5.73 |
Frozen | ||
Frozen Pizza, 320 g | 2.51 | 3.10 |
Frozen green beans, 450 g | 1.41 | 1.55 |
Frozen peas, 500 g | 1.41 | 1.55 |
+14% | 5.33 | 6.20 |
Toiletries | ||
Colgate med head toothbrush, massager | 2.82 | 3.02 |
Oral B satin floss, 25 m | 3.27 | 3.16 |
Colgate total whitening, 75 ml | 2.39 | 2.39 |
Listerine cool mint, 500 ml | 6.95 | 6.55 |
Fructis 2 in 1 shampoo, 400 ml | 4.00 | 4.58 |
Dove beauty bar, 100 g | 0.87 | 0.87 |
Mach 3 Turbo, 8 refills | 14.99 | 17.98 |
Gillette shaving gel Ultra comfort, 200 ml | 3.23 | 3.23 |
+8% | 38.52 | 41.88 |
Kitchen & Paper | ||
Palmolive ultra, regular, 1250 ml | 2.82 | 3.58 |
Scotch Brite blue sponge | 1.07 | 1.11 |
Kleenex toilet paper (12) single rolls | 6.36 | 6.15 |
+6% | 10.25 | 10.84 |
Medical | ||
Private doctor’s appt |
>50.00 | >60.00 |
Chiropractor | 80.00 | 85.00 |
Birth control pills, 1 month | >2.80 | >2.80 |
Botox injection | 300.00 | 350.00 |
+13% | 432.80 | 497.80 |
Maintenance | ||
Men’s haircut, no tip | 13.00 | 15.00 |
– N. suburbs Vidal Sasson trained Greek stylist | ||
Women’s haircut, incl 20% tip | 65.00 | 70.00 |
– UK stylist in Glyfada | ||
+8% | 78.00 | 85.00 |
Transportation | ||
Bus, metro/subway, tram | ||
– All modes single ticket (valid 90 min) ATH | 1.50 | 0.80 |
– All modes monthly pass: ATH | 35.00 | 35.00 |
-2% | 36.50 | 35.80 |
Communication | ||
Cable (Nova) | 56.40 | 56.40* |
– 49 Nova channels | ||
* Note that it’s actually only 46 channels, since 3 are free in reality | ||
Basic Phone Service | 14.76 | 14.76 |
– OTE: 34.91 install, per call charge | ||
High speed internet, 8 “24 mbps” * | 48.50 | 24.90 |
– Forthnet | ||
* Speed in Athens NEVER reaches 24 mbps regardless of carrier | ||
Cell phone subscription | ||
Vodafone | ||
– 300 min | 44.50 | 44.50 |
– 900 min | 113.00 | 113.00 |
– Cheapest domestic sms * | 0.07 | 0.10 |
– Cheapest international sms * | 0.20 | 0.20 |
* Must sign up for an sms plan for this rate | ||
-1% | 255.94 | 253.86 |
Room with a view | ||
Hilton Hotel, “King guestroom plus” | ||
during same Sept. dates | ||
Non-smoking | ||
DSL, newspaper, breakfast | ||
– with prepayment, ATH | 303.00 | 345.00 |
– without prepayment, ATH | 365.00 | 415.00 |
+12% |
USA 2007 vs. USA 2008: Inflation in one year
This is a sampling of grocery items and personal care products, as well as services. The same stores and vendors used in 2007 were again used in 2008 to make it fair. Even with the 47 percent increase in frozen food products, U.S. prices were still lower than prices in Greece. If you’d like to see U.S. and Greek prices side by side, go to “Greece vs. USA price comparison 2008.”
All prices are shown in euros (€).
ITEM | 2007 | 2008 |
Beverages | ||
Fanta, 1.5 liter | 0.58 | 0.87 |
Coke, 1.5 liter | 0.58 | 0.87 |
Orange juice, 1 liter | 1.39 | 1.04 |
+8% | 2.55 | 2.78 |
Dairy | ||
Milk, 1 liter | 0.51 | 0.78 |
Plain yogurt, 200 g (7.05 oz) | 0.42 | 0.43 |
Butter, 250 g (8.82 oz) | 1.49 | 1.49 |
Unsalted butter, 250 g | 1.49 | 1.49 |
Margarine, 500 g (17.64 oz) | 0.56 | 0.43 |
12 large eggs | 1.91 | 2.15 |
Philadelphia cream cheese, 200 g | 1.34 | 1.68 |
Cheddar, 200 g | 1.68 | 1.68 |
Ricotta, 250 g | 1.35 | 1.35 |
Sour cream, 150 g (5.29 oz) | 0.40 | 0.65 |
Haagen Dazs, 500 ml (pint) |
3.30 | 3.07 |
+7% | 14.45 | 15.58 |
Basics | ||
Rice, 500 g | 0.66 | 0.67 |
Sugar, 1 kilo | 0.46 | 1.08 |
Brown sugar, 500 g | 0.80 | 0.84 |
Fructose, 400 g | 0.82 | 0.76 |
Flour, 1 kilo | 1.35 | 1.08 |
+25% | 3.29 | 4.43 |
Complex carbs | ||
Kellogg’s Frosted Flakes, 500 g |
3.84 | 3.45 |
Bread – white sliced, 350 g (12.35 oz) | 0.59 | 0.85 |
Bread – unsliced oval loaf | 0.57 | 0.76 |
El Paso Tortillas (8 ) | 2.07 | 2.53 |
Lay’s Salt vinegar chips, 130 g | 0.66 | 0.99 |
7.73 | 8.58 | |
Pasta | ||
Tomato Sauce, 1.5 liter (52.91 oz) | 1.55 | 2.03 |
Barilla sauce, 380 ml (13.40 oz) |
1.19 | 1.34 |
Barilla spaghetti, 500 g |
1.53 | 1.08 |
Whole peeled tomatoes, 400 g (14.1 oz) | 0.61 | 0.75 |
+6% | 4.88 | 5.20 |
Meat | ||
Chicken breast, 1 kilo (2.2 lbs) | 5.07 | 5.57 |
Chicken drumsticks, 1 kilo | 3.92 | 3.36 |
Ground beef, 1 kilo | 4.55 | 4.55 |
Pork top loin boneless, 1 kilo | 6.17 | 4.22 |
Turkey breast, 1 kilo | 6.54 | 7.09 |
Bacon – smoked, sliced, 1 kilo | 5.07 | 5.08 |
Cooked ham (counter), 1 kilo | 8.45 | 6.76 |
Hot dogs, 340 g (11.99 oz) | 0.58 | 1.44 |
-36% | 59.72 | 38.07 |
Fresh produce | ||
Broccoli, 1 kilo | 1.69 | 1.48 |
Zucchini, 1 kilo | 2.06 | 2.45 |
Green beans, 1 kilo | 2.60 | 4.72 |
Carrots, 1 kilo | 0.66 | 0.68 |
Mushrooms, 250 g/8.82 oz | 0.76 | 0.81 |
Spinach, 1 kilo | 2.53 | 3.03 |
Yellow pepper, 1 kilo |
6.53 | 3.39 |
Onion, 1 kilo | 1.68 | 1.41 |
Potatoes, 1 kilo | 1.00 | 1.44 |
Tomatoes, 1 kilo | 1.99 | 2.54 |
Apples – Granny Smith, 1 kilo | 2.25 | 2.37 |
Bananas, 1 kilo | 1.70 | 1.52 |
Pears, 1 kilo | 1.54 | 3.03 |
Grapes (red seedless), 1 kilo |
1.69 | 3.37 |
+11% | 28.66 | 32.24 |
Condiments | ||
Salt, 500 g | 0.31 | 0.41 |
Pepper, 50 g (1.76 oz) | 1.34 | 2.03 |
White vinegar, 500 ml (16.9 oz) | 0.85 | 1.04 |
Ketchup Heinz, 340 g | 1.56 | 1.84 |
Knorr chicken cubes | 1.38 | 1.53 |
+21% | 5.44 | 6.85 |
Frozen | ||
Frozen Pizza, 320 g (11.29 oz) | 0.85 | 1.34 |
Frozen green beans, 450 g (15.87 oz) | 0.62 | 1.34 |
Frozen peas, 500 g | 0.74 | 1.48 |
+47% | 2.21 | 4.16 |
Toiletries | ||
Colgate med head toothbrush, massager | 1.54 | 2.30 |
Oral B satin floss, 25 m (27.34 yds) | 0.97 | 1.89 |
Colgate total whitening, 75 ml (2.54 oz) | 0.89 | 1.32 |
Listerine cool mint, 500 ml | 3.07 | 3.84 |
Fructis 2 in 1 shampoo, 400 ml (13.53 oz) | 3.07 | 2.39 |
Dove beauty bar, 100 g (3.53 oz) | 0.80 | 0.81 |
Mach 3 Turbo, 8 refills | 13.08 | 13.84 |
Gillette shaving gel Ultra comfort, 200 ml | 2.32 | 2.53 |
+11% | 25.74 | 28.92 |
Kitchen & Paper | ||
Palmolive ultra, regular, 1250 ml (42.27 oz) | 4.54 | 3.30 |
Scotch Brite blue sponge | 0.74 | 0.82 |
Kleenex toilet paper (12) single rolls | 3.49 | 2.50 |
Medical | ||
Private doctor’s appt |
69.00 | 60.78 |
Chiropractor | 52.00 | 42.31 |
Birth control pills, 1 month | 24.95 | 16.89 |
Botox injection | 172.00 | 192.35 |
-2% | 317.95 | 312.33 |
Maintenance | ||
Men’s haircut, no tip | 11.00 | 11.54 |
– Manhattan stylist | ||
Women’s haircut, incl 20% tip | 39.00 | 42.32 |
– Manhattan stylist | ||
50.00 | 53.86 | |
Transportation | ||
Bus, metro/subway, tram | ||
– All modes single ticket (valid 90 min) | 1.00 | 1.54 |
– All modes monthly pass | 58.50 | 62.32 |
– L.A. (comparison only, not totaled) | 46.40 | 47.70 |
+7% | 59.50 | 63.86 |
Communication | ||
Cable (Comcast) | 44.60 | 46.12 |
615 channels | ||
Basic Phone Service | 24.00 | 25.38 |
-AT&T: no install fee, unlimited nationwide calls 24/7 | ||
High speed internet, 12 mbps | 33.10 | 33.05 |
– Comcast | ||
Cell phone subscription | ||
T-mobile | ||
– 300 min * | 23.07 | 23.07 |
– 900 min * | 27.71 | 34.62 |
– Cheapest domestic sms ** | 0.01 | 0.01 |
– Cheapest overseas sms | 0.28 send | 0.27 |
*includes unlimited nights/weekends | 0.28 receive | 0.15 receive |
**also has unlimited plan for 14.99 | ||
+6% | 152.80 | 162.67 |
Room with a view | ||
Hilton Hotel, “King guestroom plus” | ||
during same Sept. dates | ||
in the city center | ||
European style | ||
non-smoking | ||
DSL, newspaper, breakfast | ||
– with prepayment, NYC | 308.00 | 360.84 |
– L.A. | 168.60 | 191.58 |
– without prepayment, NYC | 308.00 | 360.84 |
– L.A. | 168.60 | 191.58 |
+14% |