The cost of infant formula in Greece has soared to staggering heights, with citizens paying anywhere from 32% to a whopping 213% more compared to their European Union counterparts for the same product.
An investigation conducted by the Competition Commission last November unearthed striking price disparities. Prices for baby formula designed for infants up to 6 months old in Greece were found to be ranging from 144% to 171% above the lowest prices recorded in Belgium and the Netherlands. Notably, branded baby formula in Greece exhibited a substantial price difference of 167% to 213% compared to the lowest prices identified in Finland and Sweden.
Kostas Skrekas, addressing the issue, commented, “Some brands of baby formula are approaching the average price seen in Europe, but they remain consistently pricier. That’s why we’re initiating checks regarding the gross profits, aiming to detect any structural market and supply chain imbalances.” Skrekas emphasized that “the prices in the Greek market are 30% to 213% higher.”
He further stressed, “Infant formula represents a significant financial burden for households. We’ll explore measures necessary to instigate price reductions and move closer to the European average.”
Moreover, findings from the study highlighted an increase in the price of cow’s milk during the first half of 2023. The cost escalated to €1.57 per liter, up from €1.39 per liter in the corresponding period last year and €1.34 per liter in 2020, marking a considerable 20% surge in the weighted average price from February 2022 to January 2023.
In the days ahead, intensified inspections are anticipated to uncover instances of exploitative pricing.
Source: tovima.com
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