The cost of infant formula in Greece continues to soar with consumers paying anywhere from 32% to a whopping 213% more than compared to European Union counterparts for the same product.
An investigation by the Competition Commission last November revealed striking price disparities. Prices for baby formula for infants up to six months old in Greece ranged from 144% to 171% above the lowest prices recorded in Belgium and the Netherlands. Notably, well-known brands of baby formula in Greece recorded a substantial price difference of 167% to 213%, compared to the lowest prices in Finland and Sweden.
In attempt to deflect criticism over the trend, Greek Development Minister Kostas Skrekas said “…some brands of baby formula are approaching the average price seen in Europe, but they remain consistently costlier. That’s why we’re initiating checks over gross profits, aiming to detect any structural market and supply chain imbalances.” At the same time, he admitted at that “prices in the Greek market are 30% to 213% higher.”
Findings from the probe highlighted an increase in the price of cow’s milk during the first half of 2023. The cost modestly rose to €1.57 per liter from €1.39 per liter in the corresponding period last year, and €1.34 per liter in 2020, a 20% hike in the weighted average price from February 2022 to January 2023.
In the days ahead, stepped inspections are anticipated to reveal what he government calls exploitive pricing.