Xinhua
20 Sep 2023, 23:35 GMT+10
ATHENS, Sept. 20 (Xinhua) -- Greece's Development Minister Kostas Skrekas announced a set of measures on Wednesday aimed at combating "greedflation," the practice of exploiting inflation to generate excessive profits, the Greek national news agency AMNA reported.
"Although inflation has decreased in recent months, inflationary pressures remain in certain categories of goods and mainly food products. As a result, Greek households are having a hard time," Skrekas told a press briefing in Athens.
According to the latest Eurostat data, Greece's annual inflation rate was 3.5 percent this August, and dropped from 13 percent in July to 10.8 percent in the foods category, he said.
Although production and transport costs that had skyrocketed in the past two years due to the energy crisis have decreased lately, consumers still do not see substantially lower prices on certain products on the shelves, the minister added.
Therefore, in order to protect consumers from price gouging by producers and middlemen during this inflationary period, the government introduced a mandatory shelf of basic goods in supermarkets with staple prices decreased by at least 5 percent for at least six months. The reference prices of products are those displayed on Sept. 19.
The government will also step up inspections throughout the supply chain to monitor prices in supermarkets, control profit margins and boost transparency and competition, he said.
From now on, large retailers will have to regularly inform the ministry about their suppliers' pricelists and about any changes in the retail prices of essential goods, such as fruits and vegetables. Strict fines will be imposed in cases of profiteering.
Citizens are asked to participate actively in the government's efforts. They will be able to submit complaints to the authorities about unjustifiable price hikes of basic food products through a dedicated complaint line and a special mobile application.
"Faced with the phenomenon of greedflation, we believe that many suppliers will be forced by the new measures to reduce the prices of products," Skrekas said.
Get a daily dose of Greek Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Greek Herald.
More InformationAMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
DUBLIN, Ireland: Taoiseach Micheál Martin has expressed cautious optimism that the European Union and the United States can strike...
OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
PARIS, France: A strike by French air traffic controllers demanding improved working conditions caused significant disruptions during...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
WASHINGTON, D.C.: President Donald Trump is drawing praise from his core supporters after halting key arms shipments to Ukraine, a...
By Reena Bhardwaj Washington, DC [[US], July 11 (ANI): US President Donald Trump on Thursday (local time) announced that the US will...
UN humanitarians say first fuel in 130 days allowed into Gaza but much more needed The first batch of fuel in more than four months...
Washington, DC [US], July 11 (ANI): The US State Department has announced a new awareness campaign warning Americans, particularly...
(250710) -- LONDON, July 10, 2025 (Xinhua) -- British Prime Minister Keir Starmer (L) welcomes French President Emmanuel Macron at...