Greek Development Minister Kostas Skrekas announced a series of measures aimed at illegal profiteering in the milk industry, following a report by the Competition Commission last November, which revealed striking price disparities in the sale of infant formula.

Speaking to Skai TV, the minister said authorities would be implementing administrative measures to assuage the high costs.

A report by the market watchdog in November revealed that Greek consumers had to fork out anywhere from 32% to a whopping 213% more for baby formula compared to European Union counterparts for the same product.

Skrekas noted that market inspections are in full swing, saying the exorbitant costs of milk are completely unjustified. “The reform allowing baby formula to be sold in supermarkets failed to produce the desired results,” he said.

He also pointed out that two companies dealing in baby formula production are under investigation for possibly breaching the law against illicit profiteering.

“Results will be announced soon. Administrative measures will be disclosed to ensure a reduction in infant formula prices,” he said, noting that a meeting with supermarket representatives took place yesterday.

“High costs are the biggest issue for households, and inspections will continue,” emphasized Kostas Skrekas, reminding that another fine was imposed yesterday, this time on an air conditioning company engaged in speculation. According to the minister, businesses that receive fines must subsequently adjust their prices.

The minister stressed that the government planned to put in place structural reforms in the first quarter of the year, to help de-escalate the prices of products on the shelves, such as detergents, household cleaners, and diapers.

To this end, Skrekas revealed that a meeting had taken place with supermarket representatives yesterday, where the ministry tabled its objectives, with the primary goal of reducing the prices of products that have been unreasonably high since March.