Greece’s Development Minister Takis Theodorikakos announced a freeze on supermarket shelf prices for the two summer months, along with a plan for significant price reductions starting in early September, following an expanded meeting at the Maximos Mansion with industry representatives chaired by Prime Minister Kyriakos Mitsotakis.
Theodorikakis noted that the normalization of the situation in the Middle East is easing international inflationary pressures, and stated that business representatives committed to a full stabilization of prices with no new increases over the summer. He also previewed what he described as a “national social agreement” to be launched in the fall in support of the average Greek household, while reminding the public that the emergency profit cap measure expires on June 30.
Minister Theodorikakis’s Full Statement
“Addressing the issue of the cost of living and high prices for many of our fellow citizens is unquestionably a top priority for the government as a whole and for the Prime Minister, under whose chairmanship today’s meeting with business stakeholders was held.
The end of the war in the Middle East is leading to a normalization of oil prices and, consequently, to a easing of the international inflationary pressures that have built up in recent months.
At today’s meeting with representatives from industry and supermarkets, there was agreement on the need for this easing to be reflected, in the first phase, in product prices over the two summer months, with a full stabilization of prices and no new increases whatsoever.
I should note that this also applies to the 2,000 product codes that saw price reductions of six percent over the past few months as a result of the strict enforcement of the profit cap measure we had imposed as an emergency step. The business community has committed to maintaining those reductions throughout the summer months for those 2,000 codes.
After that, preparations will have been made to launch, from early September, what will be a product of a national social agreement: a substantial reduction in prices of basic consumer goods that are widely used by the average Greek household. Our goal is to protect consumers.
I would therefore like to remind everyone that the profit cap measure expires on June 30.”
