Greece Secures Supermarket Deal to Cut Prices

The Greek government has secured a new agreement with the food industry to bring down supermarket prices, following talks between Development Minister Takis Theodorikakos and the Hellenic Food Industries Association.

The meeting, which lasted about an hour, concluded with a decision to relaunch the price-reduction program introduced last year. Then, discounts ranged from 5% to 15% across 705 product categories, with 66 companies participating. This year’s program is expected to follow a similar model, though the exact number of products included has not yet been specified.

How the Program will Work
The industry association pledged to inform its members of the government’s request and encourage them to join the initiative by negotiating directly with supermarket chains. Retailers are also expected to participate voluntarily, increasing the discounts offered by their suppliers.

Industry sources say most companies have already set their promotional campaigns through the end of the year, a period considered one of the busiest in sales. Some offers may be adjusted to align with the government’s request. However, products already under special promotions may face difficulties joining the program, as stacking additional discounts could conflict with the code of conduct governing retail offers.

Government Oversight
The new push comes after recent inspections by the market watchdog DIMEA into supermarkets’ gross profit margins and compliance with promotion rules. In late August, the minister also met with the leadership of the Hellenic Supermarkets Association, underlining the need for measures to ease consumer costs.

The revived discount scheme aims to provide shoppers with some relief during the peak spending months of the year, while also encouraging stronger cooperation between suppliers and retailers.