Greece to end profit cap but maintain price cuts for two months

Greece will not extend the profit margin cap imposed on companies, which is set to expire on June 30. The government and market stakeholders have agreed that the average 6% price reductions on 2,000 product codes, achieved due to the cap, will be maintained for the next two summer months.

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The handling of the cost of living and high prices for many of our fellow citizens is undoubtedly a top priority for the entire government and the Prime Minister, under whose presidency today's meeting with productive stakeholders took place.

Minister of Development Takis Theodorikakos stated after a meeting at Maximos Mansion that a new "Social Agreement" will be implemented starting in September. This agreement aims for a drastic reduction in prices for essential products used by the average Greek household. "Our goal is consumer protection," Theodorikakos said, emphasizing that the profit margin cap measure itself ends on June 30.

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In today's meeting with representatives of industry and supermarkets, there was an understanding of the need for this de-escalation to be passed on to product prices in the first phase, the two summer months, with complete price stabilization, without any new increases.

Theodorikakos noted that the easing of global inflationary pressures, partly due to the normalization of oil prices following the end of the Middle East conflict, contributed to the current situation. He highlighted that during the summer, prices for these 2,000 product codes will remain stable without any new increases. The meeting included Deputy Prime Minister Kostis Hatzidakis, Theodorikakos, and the head of the Independent Consumer Protection Authority, Despina Tsangari, alongside representatives from industry and supermarkets.

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Our goal is consumer protection.