Greece is one of the cheapest countries in Europe for bread, with the most bakeries but also with the trend of bread consumption showing a gradual decrease in recent years.

According to the research data of the Athens Chamber of Commerce, carried out on behalf of the Hellenic Bakers Federation, the price of fresh white bread (loaf 500g) in Greece, remains as of 2020 the second lowest in the eurozoneafter Estonia.

At level European Union, Greece’s position has improved from 6th (2020), to 5th lowest price in 2024, after Bulgaria, Romania, Estonia and Poland.

In Greece, the price is set at 1.21 euros and it is 48% lower compared to M.O. European price (1.80 euros).

Compared to 2020, the price changed by 39%, slightly more than the M.O. of change in Europe.

The EU country with the most ovens

According to Eurostat data, in 2021 in the whole of the European Union, 133,851 enterprises active in the production of bread, fresh confectionery and cakes were registered. Based on population, the ratio per 10,000 inhabitants was 2.98 enterprises.

In Greece, respectively, the number of businesses in the sector was 8,391. For every 10,000 people, 8 such businesses operated, something that constitutes her highest performance across the European Union.

During the last decade (2014 – 2024) in the bread, pastry and other bakery business sector, a total of 2,622 companies have been establishedwhile 429 businesses have been deleted.

In the last decade, 2,193 businesses have been added to GEMI in the sector of bread, bakery and other bakery businesses.

Cheaper bread but consumption has decreased

According to the data, the trend of bread consumption in Greece in kilograms shows a gradual decrease from 2019 to 2022.

Bread consumption has decreased by 22,164 tons from 2019 to 2022. But at the same time, disposable income has decreased by 30%.

In 2022, the quantities of bread consumed decreased compared to 2019 (-5.05%).

In 2022, the consumption of white bread is increasing in contrast to previous years, while the consumption of brown bread is significantly reduced.

OR average expenditure for bread products, it is formed at 24.18 euros per month and the largest consumption is made by households with an income of 1,800-2,000 euros.

Consumers, in terms of the additional services they would like from the neighborhood bakery, are the addition of coffee, ready-made food and salad, but also specialized products, for example gluten-free, wheat flour, etc.

Why did bread prices rise?

The increase in the price of bread in the country, which is lower than the prices in Europe, was caused by the increase:

– Raw materials (wheat-flour). The price of milled wheat in Greece shows a significant increase from August 2021 until the beginning of June 2022, when its highest price was formed. From 230 euros per ton in August 2021, the price of milled wheat in Greece reached 260 euros per ton within the same month and remained stable until the beginning of October of the same year. Then, the price of wheat began to rise until June 2022, to reach 400 euros per ton, while from the following month its price reduction begins.

– Electricity. According to prices for non-household consumers from 2019 to 2023, Greece is above the European average of 27, in the annual price of electricity in euros. The price of electricity, established in Greece in 2023, is lower than the prices established in countries such as France (0.1734 euros/kWh), Croatia (0.2039 euros/kWh), Italy (0. 1745 euros/ kWh) and Hungary (0.1836 euros/ kWh).

– Natural gas. Natural gas prices, like electricity, show a significant increase in all EU countries from 2022, while in 2023 they decreased, remaining at higher levels than in 2021. The price of natural gas in Greece in 2023 is shown smaller than countries such as the Czech Republic, Germany, France, Croatia, Italy and North Macedonia.

– Labor costs, which increased by 25% in the 2nd quarter of 2024 compared to the corresponding quarter of 2019.