The Minister of Development, Takis Theodorikakos, was mentioned in an interview today (30.10.2024) on Realfm 97.8 regarding the issue of accuracy and price reductions in products in supermarkets.
“From the first day that I assumed the duties of the Minister of Development, I said that what is important and that is why we are working, is to strengthen the purchasing power of the citizens and their disposable income” Takis Theodorikakos initially emphasized, and regarding the price reductions in products in supermarkets, commented that “from the first moment we called on entrepreneurship to show social responsibility and reduce its average profit”.
“For our part, we do the checks for the legislation that exists and not for what anyone can imagine. We have legislated two very tough measures, which we are looking to implement and which put pressure on businessmen and I believe that they help to lower prices.”
Regarding the price reduction initiative, the minister noted “…I consider it a positive move and I expect business to proceed with the rest of the codes because they have announced that there will be more than 600 codes in total, which I see with great interest”. while he emphasized that these are not “gentlemen’s agreements”.
When asked how long the reductions will last, he replied that “we will not stop doing the checks and pressuring the entrepreneurs to reduce their average profit. This is the policy made by the Ministry of Development and this is the order I have from the Prime Minister and this is what I believe I should do and this is what I am doing. Beyond that I think that the more they reduce prices in the supermarkets and in the food industry – because we have to be fair, the reductions have to be proportional throughout the chain for this system to be sustainable – I think they should keep for a very long time and I believe that this is also good for entrepreneurs because in this way they rebuild their overall identity in a more socially responsible way.”
“I have not seen anyone form any alternative proposal to the policy we are making on this issue. Our policy is threefold. We want healthy competition to work properly and that’s why we support the work of the independent competition authority, we want citizens to be informed and make the right choices because this affects the market too much, the informed citizen has power, we want the state to do checks for the implementation of the laws, which I repeat are the strictest that exist in Europe – we have forbidden anyone to have a higher percentage of profit than what they had in 21 – and we ask the businessmen to show responsibility and pressure them to reduce the profit percentages. If anyone has something to counter-propose to this overall strategic policy, we would be happy to hear them”, added Mr. Theodorikakos.
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**Interview with Minister of Development Takis Theodorikakos**
**Interviewer:** Thank you for joining us today, Minister Theodorikakos. In your recent interview, you discussed the critical issue of price reductions in supermarkets. Can you explain what prompted this initiative?
**Minister Theodorikakos:** Thank you for having me. From the very first day I took office, my priority has been to strengthen the purchasing power of our citizens and enhance their disposable income. It’s essential that we address the cost of living, and part of this conversation is ensuring that prices in our supermarkets reflect a fair cost for consumers.
**Interviewer:** You mentioned that you’ve called on businesses to show social responsibility in terms of profit margins. What specific measures has the Ministry implemented to encourage these reductions?
**Minister Theodorikakos:** We’ve introduced two stringent measures aimed at enforcing compliance with existing legislation and ensuring that businesses adhere to ethical pricing practices. We’re conducting rigorous checks to hold businesses accountable and encourage them to lower their average profit margins.
**Interviewer:** Can you share your thoughts on the ongoing price reduction initiative? How many products do you expect to see affected?
**Minister Theodorikakos:** I consider the initiative a positive step forward. Businesses have announced plans to lower prices on over 600 product codes, which I find encouraging. It’s important to note that these aren’t merely “gentlemen’s agreements.” We expect real action that benefits consumers.
**Interviewer:** How long do you expect these price reductions to continue, and what will the Ministry do to ensure they are sustained?
**Minister Theodorikakos:** We will maintain our inspections and continue to pressure entrepreneurs to keep reducing their average profit margins. This is a clear mandate from the Prime Minister and a crucial part of our policy at the Ministry of Development. Ultimately, for this system to be successful, everyone in the supply chain needs to participate in fair pricing.
**Interviewer:** Thank you, Minister Theodorikakos, for your insights on this important issue. We appreciate your commitment to protecting consumers during these challenging times.
**Minister Theodorikakos:** Thank you for the opportunity to discuss these vital matters.
