Development Minister Skrekas announces four measures designed to lower prices of key goods

Following a cabinet meeting chaired by Prime Minister Kyriakos Mitsotakis on combatting high prices, Development Minister Kostas Skrekas on Wednesday announced four measures to help lower the cost of consumer goods. The minister noted that the aim of the measures the government has taken and will continue to take is to address practices of unfair profiteering that result in inflated prices, taking advantage of global crises that have allowed market distortions at the expense of consumers. Skrekas said the measures, which will gradually begin to be adopted from now and whose impact will start to become apparent in March, are as follows:

– A 30 pct reduction of supplier discounts to supermarkets, so that this reduction is transferred to final consumer prices. This applies to detergents, cleansing products, toothpaste, shampoos, shower gels and diapers. The base value will be the average of the discounts given during each company’s last financial year.

– Preventing unjustifiable price hikes by suppliers, who will not be permitted to engage in promotional activities if the product price has been raised in the last three months, with current prices as the benchmark.

– Transparent prices from the field to the shelf in the entire retail sector for meat and produce. Suppliers will sell at clear prices, while there will be an up to 3 pct billing credit for the return of goods or deterioration of goods.

– A ceiling on gross profit margins for infant formula, which will be the sum of operating costs and a commercial profit of up to 7 pct.

Skrekas said that meetings will begin at the ministry to brief market actors on the new measures, which he described as fair and a means to end conditions that weakened competition and the ability of consumers to choose.