Greek Inflation Remains High, Chamber Urges Boost to Disposable Income
Inflation in Greece stayed elevated in May, reaching 5.2% overall. Prices jumped sharply in housing (+11.6%), transport (+11.5%) and fuel (+24%), while food rose 3.5% and meat prices rose up to 17%. Eurostat data show Greek inflation at 5% versus the Eurozone average of 3.2%.
Basilios Korkidis, president of the Piraeus Chamber of Commerce and Industry, said the economy shows resilience but “the goal is to strengthen the real disposable income of citizens, reduce taxes and lower non‑wage costs for businesses.” He warned that prices are unlikely to return to pre‑crisis levels soon, and that the next period will be judged by firms’ ability to adapt to slower‑but‑still‑rising price pressures.
The chamber highlighted that high inflation erodes household purchasing power, prompting consumers to compare prices, seek discounts and switch to cheaper options, especially for food, clothing and dining. For businesses, rising energy, raw‑material, transport, insurance and import costs, together with higher interest rates from the ECB’s June rate hike, increase operational expenses and liquidity pressures. Korkidis emphasized improving productivity, competitiveness and access to financing as key actions to counter these challenges.