“Flesh and bones” take the measures of the Ministry of Development in the battle against punctuality, with the direct aim of supporting the Greek family against the inflationary crisis. More and more companies are taking part in the “Permanent Price Reduction” measure, which brings a drop of up to 23% on supermarket shelves.
Consumers are gradually finding it on supermarket shelves special marking for the products that will have a discount for six months whileaccording to the data available so far, 300 codes participate in the new initiative “Permanent Price Reduction”with discounts starting at 5% and reaching up to 23%.
«With the “Permanent price reduction” initiative, we aim to permanently reduce prices on the shelf, in items of basic necessity for households. We continue the effort to support the Greek family in the face of punctuality, implementing pioneering measures throughout Europe. At the same time, we are creating conditions for the immediate strengthening of healthy competition while continuing the intensive controls to combat profiteering” recently stated the Minister of Development, Kostas Skrekas.
The development minister said that despite the high prices there are offers and invited consumers to use it tool of e-katanalotiswhich displays product prices in real time. At the same time, he emphasized that multinational companies are being checked for their profit margins, while a study is also being conducted to determine which products, sold in the Greek market, have a big difference on the shelf compared to the other EU countries.
It is noted thata fines imposed so far in 2023 amount to 5.5 million euroswhile the Ministry of Development conducts checks on over 5,000 product codes.
The participation of suppliers in the measure is gradually increasing
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At the same time, the participation of businesses in the measure of permanent price reduction is small however, the optimism of the Ministry of Development to expand the list in the coming weeks and further increase the codes is widespread. “Our goal is to exceed 500 codes,” said Minister Skrekas in his statements.
On the same wavelength general manager of the Union of Supermarkets of Greece, Apostolos Petalas speaking to the Athenian-Macedonian News Agency, he expresses his optimism that the goal set by the Ministry for the 500 codes will be greatly exceeded. Specifically, he emphasizes that “it is very encouraging that the codes are constantly increasing, which proves the positive attitude of businesses. Since as many businesses participate in the initiative they should ship by November 30, 2023 the written commitment to the Ministry of Development, we expect greater participation from both Greek and multinational companies in the next period. The minister has set the bar at 500 codes. Logically, this goal will be exceeded by a long way.”
At the same time organized retail, according to Mr. Petalas, is ready to take any initiative attributable to him in the context of the application of the legislation. In this context, the supermarkets have acquired the special signs which they gradually place in the stores in order to inform the consumers. “Whatever the state institutes for the good of consumers, all supermarket businesses will implement it,” points out Mr. Petalas and adds that the Union encourages any such initiative. “All we ask is that it be done in an efficient way and not particularly bureaucratic that can lead to increased operating costs and possibly errors,” he points out.
In more detail, according to the data available until October 23, the companies participating in the measure are the following: Olympos (19 codes), Giotis (23 codes), Mylos Loulis (12 codes), Trikki (6 codes), Numil Hellas (17 codes), Palirroia (12 codes), Halvatzis Makedoniki (2 codes), Violanda (8 codes) , Karamolegos (2 codes), Multi Foam (4 codes), Euricom (2 codes), Procter & Gamble (71 codes), Melinda (2 codes), Arla (7 codes), Mandrekas (2 codes), Flos (4 codes ), Delta (20 codes). The products affected by the price reductions are, among others, flour, cold meats, honey, milk, biscuits, rice, cheese, yogurt, ready meals, baby food, juices & drinks, personal hygiene items and detergents.
It is noted that the companies that will participate in the “Permanent Price Reduction” initiative will have to send the written commitment to the Ministry of Development by November 30, 2023. The shelf price on 9/19/23 will be taken as the reference price to calculate the reduction. It is also stipulated that supermarkets should place on the shelf with the reduced price products a special sign that will bear specific markings and specifications. Supermarket chains have 25 days from the moment the supplier notifies them of the price reduction to place the special label on the shelf. In the event that a company falsely declares that it has reduced its price, the competent agency for imposing sanctions is the Inter-agency Market Control Unit (DIMEA).
As regards the other measures which supermarkets with an annual turnover of more than 90 million euros will start to be implemented immediately are required to send the Ministry of Development notices of any price increase concerning basic products. The obligation concerns 59 product categories. Notices for any price increase will be sent to the Ministry of Development every Tuesday, until 3:00 p.m. In case the debtor conceals, falsifies or does not provide the data, a fine of 50,000 euros is imposed by DIMEA.
Also, supermarket businesses are obliged to send indicative sales prices of fruit and vegetable products to the Ministry of Development. The announcements of the indicative retail sales prices of fruit and vegetable products will be sent every Tuesday, at 09:00, through the digital platform e-katanalotis.gr, while the Ministry of Development can announce the range of prices prevailing in stores either through the digital platform e- katanalotis, or on the website of the General Secretariat of Commerce.
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What impact has the “Permanent Price Reduction” initiative had on household expenses in Greece amidst rising inflation?
Greek Government Takes Measures to Combat Inflation and Support Families
In a bid to combat inflation and support Greek families, the Ministry of Development has introduced a series of measures aimed at reducing prices and promoting healthy competition in the market. The “Permanent Price Reduction” initiative is one such measure that has gained traction, with more and more companies participating in the program.
Permanent Price Reduction Initiative
The “Permanent Price Reduction” initiative aims to reduce prices on essential items by up to 23% on supermarket shelves. According to the Ministry of Development, 300 codes have already participated in the initiative, with discounts ranging from 5% to 23%. The participating companies include Olympos, Giotis, Mylos Loulis, Trikki, Numil Hellas, and Procter & Gamble, among others.
The products affected by the price reductions include flour, cold meats, honey, milk, biscuits, rice, cheese, yogurt, ready meals, baby food, juices & drinks, personal hygiene items, and detergents. Consumers can identify the discounted products by a special marking on the shelves, which will bear specific markings and specifications.
Support for Greek Families
The Greek government is committed to supporting families in the face of inflationary pressures. The Minister of Development, Kostas Skrekas, recently stated that the “Permanent Price Reduction” initiative aims to reduce prices on essential items for households. The government is also conducting intensive controls to combat profiteering and has imposed fines of 5.5 million euros so far in 2023.
Increasing Participation from Businesses
Despite the initial small participation from businesses, the Ministry of Development is optimistic that the list will expand in the coming weeks. The Union of Supermarkets of Greece has also expressed its optimism that the goal of 500 codes will be greatly exceeded. The general manager of the Union, Apostolos Petalas, emphasized that the increasing participation from businesses proves their positive attitude towards the initiative.
Other Measures to Combat Inflation
In addition to the “Permanent Price Reduction” initiative, the Greek government has introduced other measures to combat inflation. For instance, supermarkets with an annual turnover of more than 90 million euros will be required to send the Ministry of Development notices of any price increase concerning basic products. This obligation concerns 59 product categories, and notices will be sent every Tuesday until 3:00 p.m.
VAT Reductions
Furthermore, the Greek government has extended the reduced VAT rate of 13% for a range of basic supplies until June 30, 2024 [[2]]. This move is expected to provide relief to consumers and support businesses.
Price Transparency
To ensure price transparency, the Greek government has asked big supermarkets to share their price lists for basic foods with authorities [[3]]. This move is expected to promote healthy competition and prevent price gouging.
the Greek government’s measures to combat inflation and support families are significant steps towards promoting economic stability and growth. The “Permanent Price Reduction” initiative, VAT reductions, and price transparency measures are all aimed at providing relief to consumers and promoting healthy competition in the market.
Fighting Inflation: Greek Government’s “Permanent Price Reduction” Initiative
As the global economy continues to battle rising inflation, the Greek government has taken bold measures to support its citizens. The Ministry of Development has launched the “Permanent Price Reduction” initiative, aimed at reducing prices on essential items for households. This groundbreaking effort is expected to have a significant impact on household expenses in Greece amidst rising inflation.
The Initiative: A Step Towards Affordable Prices
The “Permanent Price Reduction” initiative aims to reduce prices on basic necessities, such as food, personal hygiene items, and detergents, by up to 23%. This reduction will be made permanent, providing relief to consumers who have been struggling to make ends meet. According to the Minister of Development, Kostas Skrekas, “With the ‘Permanent price reduction’ initiative, we aim to permanently reduce prices on the shelf, in items of basic necessity for households.”
Participating Companies: A Growing List
Initially, 300 companies have joined the initiative, with more expected to follow. The participating companies will have to send a written commitment to the Ministry of Development by November 30, 2023. The shelf price on September 19, 2023, will be taken as the reference price to calculate the reduction. Some of the companies already on board include Olympos, Giotis, Mylos Loulis, Trikki, Numil Hellas, Palirroia, and Procter & Gamble, among others.
Impact on Household Expenses
The “Permanent Price Reduction” initiative is expected to have a significant impact on household expenses in Greece. With prices reduced by up to 23%, consumers will have more disposable income to allocate towards other essential items. This, in turn, is expected to boost consumer spending, which will have a positive effect on the economy as a whole.
Government’s Commitment to Supporting Consumers
The Greek government has demonstrated its commitment to supporting consumers amidst rising inflation. In addition to the “Permanent Price Reduction” initiative, the government has also introduced other measures to combat profiteering and ensure healthy competition in the market. The Minister of Development has emphasized that the government will continue to monitor profit margins and take action against companies that engage in unfair practices.
Role of Supermarkets
Supermarkets have a crucial role to play in the “Permanent Price Reduction” initiative. They will be responsible for displaying the special signs on the shelves, informing consumers about the discounted products. According to the general manager of the Union of Supermarkets of Greece, Apostolos Petalas, “Whatever the state institutes for the good of consumers, all supermarket businesses will implement it. We ask that it be done in an efficient way and not particularly bureaucratic that can lead to increased operating costs and possibly errors.”
Conclusion
The “Permanent Price Reduction” initiative is a bold step taken by the Greek government to support its citizens in the face of rising inflation. With more companies expected to join the initiative, consumers can expect to see permanent price reductions on essential items. This effort is expected to have a significant impact on household expenses in Greece, boosting consumer spending and supporting the economy as a whole.
Recent Developments
In recent news, the Greek government has announced plans to reduce prices on hundreds of products [[2]]. Additionally, the government has implemented a permanent reduced VAT rate of 13% on taxis, effective from July 1, 2024[[3[[3
