Figures from the Hellenic statistical authority (EL.STAT) detailing price increases for 45 products and services between December 2022 and December 2022 have revealed the ineffectiveness of price control measures announced and implemented by the government.

The ELSTAT data reveals that the price of essential household goods surging, with inflation up to 3.5% in December from 3% in November 2023.

Specifically, olive oil has risen by 58.5% with fruits and vegetables increasing by 15% and 14%, respectively.

The government has made efforts to control profiteering, but customers don’t believe enough is being done.

The government is now taking aim at a further 1,000 to 1,500 products. Ranging from detergents to hygiene items, their prices are expected to be cut by more than 10%.

For example, baby formula costs 23.50 euros today, but this will fall to 16.45 to 18.8 euros per item after the price ceiling has been introduced.

The government is also trying to decrease products’ starting prices. For example, if a manufacturer sells to the super market at 7 euros, it is hoped that the announced intervention will cut this by 30%. On top of that, the customer can benefit from other incentives, like 2+1 deals or an extra 50% product free.

The troubling issue is that it is not clear if the new net prices will have already been increased to guarantee manufacturers their profits.