Greek Minister Announces Initiative to Cut Prices on Essential Goods

Greece is launching a national initiative to lower the cost of living for families, with Development Minister Takis Theodorikakos announcing that price reductions on essential goods will begin on August 31. The program aims to support household incomes through interventions designed to decrease living expenses and bolster the productive economy.

“

The important thing for me is not how many product codes there will be. The important thing is that these are mass-consumption products, thus affecting the average Greek household, the average Greek family: food, basic living essentials, basic household maintenance items.

The initiative will focus on mass-consumption products, including food, basic necessities, and school supplies, with price cuts expected to range from at least 5% to double digits for certain items. These reductions will be in effect for two to four months. Theodorikakos emphasized that the specific number of product codes is less important than ensuring these are items widely used by average Greek households.

Speaking on an OPEN TV program, Theodorikakos noted that the government's efforts to stabilize prices during the summer have yielded positive results, evidenced by recent Eurostat figures showing Greece's food inflation at -0.4% year-on-year and -2.3% month-on-month in July. He cautioned, however, that this does not mean all prices have decreased or that some haven't risen, stressing that the government is not complacent and continues to work with market stakeholders.

“

For someone who counts every euro they spend at the supermarket, a reduction in their monthly cost for a period by 40 or 50 euros is a significant matter.

Beyond price controls, the ministry is also focusing on transforming Greece's productive model and strengthening its industrial sector. Theodorikakos highlighted a significant shift in the Development Law's strategy, leading to approximately 500 ongoing industrial investment projects, predominantly located in regional Greece, particularly in border areas. This focus aims to create more and better-paying jobs, contributing to a fairer, more functional, and competitive market.

“

This does not mean, of course, that the prices of all products have decreased or that there are no products whose prices have increased. We are not celebrating or complacent in any way.