Greek Development Minister Kostas Skrekas n Wednesday announced a handful of measures to contain surging food prices in the country, as Greece has recorded an almost five-fold hike for essential goods over the past year, compared to the EU average.
Higher costs of living, especially ‘biting’ prices on supermarket shelves, has emerged as a priority for the Mitsotakis government to handle, while qualifying as one of the biggest threats faced by households, according to opinion polls.
Skrekas cited four main measures aimed to contain prices and curb profiteering, namely:
Reduction of Supplier Rebates: Decreasing rebates to supermarkets to ensure lower prices for consumers. Discounts for suppliers to supermarkets are limited by 30%, with the benefit transferred to consumers. This will be implemented for products such as detergents, household cleaners, toothpaste, shower gels, shampoos and baby diapers.
Prohibition of Promotions: Companies increasing product prices are not allowed to carry out promotional activities for three months. The obligation does not apply to businesses maintaining or reducing prices.
Net Prices from Field to Shelf: Suppliers are required to sell products at retail at net prices. Only a 3% credit invoice for product or batch returns is allowed. This measure applies to fresh fruits and vegetables as well as meat.
Cap on Baby Milk: A cap is imposed on baby milk formula for companies that produce, import, and distribute milk in Greece. The cap is defined as the sum of the company’s operational cost for the specific product category and a profit margin of 7%.
The minister made mention of the ongoing inspections by the market watchdog, citing 2023 data which showed that a total of 25,267 checks had been carried out, resulting in 1,865 fines amounting to EUR 13.416 million.
Skrekas reminded that notable disparities were still present in specific product categories compared to the rest of Europe, condemning these practices and stating that they would not be tolerated.
Source: tovima.com
Latest News
Greek Property Renovation Surge amid Economic Constraints
This has led to a notable escalation in renovation costs, with average prices per square meter exceeding previous norms and reaching even 1,000 euros in premium locations
RRF: Additional €5.1bln Funds for Subsidies to Greece in 2025
By April 22, funds totaling 5.75 billion euros had been transferred for approved projects of the Recovery Fund to entities within and outside the general government and final recipients
OECD: Greek Economy Resilient with 2% Growth Forecast for 2024
However, the OECD highlights challenges including the need to enhance productivity and fiscal adjustment due to high debt levels.
Challenges and Delays in Greece’s Hydrocarbon Exploration
Sources disclose that the petroleum companies holding the concessions are seeking partners to jointly invest and share the costs of exploration and drilling.
Greek Beach Visitors Can Report Violations on New ‘MyCoast’ App
Greek authorities hope the newly-launched, free ‘MyCoast’ app will help clamp down on public beach violations
BoG Figures Confirm Banner Year for Greek Tourism in 2023
20.6 billion euros in related revenues topped the previous year’s figure by 16.5%
Piraeus Bank to Propose First Dividend in 16 Years
Piraeus Bank has forecast profits of roughly 900 million euros this year, rising to one billion euros next year
Eurostat: Inflation in Greece Eases to 3.2% in April; 2.4% in Eurozone
The rate of increase for food prices was up by 4.9% in April 2024, compared to 4.8% in the previous month
ELSTAT Feb. Retail Turnover Drops by 3.8%, Sales Volume Plummets by 9.8%
Additionally, the seasonally adjusted General Volume Index for Feb. 2024 experienced a 3.8% decrease compared to the previous month of the same year
Greek Buyers Lead Return to Vacation Home Market
In the last six months, Greeks have made a surge into the vacation home market, notably without relying on loans