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Prices cut on 1,660 products as Greece launches “cheaper basket” initiative
🇬🇷 Greece /Economy & Trade

Prices cut on 1,660 products as Greece launches “cheaper basket” initiative

From Ta Nea · () Greek

Translated from Greek and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources New plan
  • Greece’s National Price Reduction Initiative began with more than 1,660 product codes, offering average discounts of about 7% on basic goods.
  • Covered items include flour, milk, meat, shampoo, detergents, baby diapers and school supplies, with reductions lasting two to four months.
  • Consumer representatives said the discounts apply only to selected product codes and called for greater transparency about previous prices.

More than 1,660 products entered Greece’s new price-reduction initiative on Monday, with average discounts of about 7% on selected everyday goods.

The program covers flour, milk, meat, shampoo, detergents, baby diapers and school supplies. Prices will fall by between 5% and 7% for two to four months, while additional product codes are expected to join the initiative.

I do not accept that the government is watching a problem without taking action.

— Nikos MarkopoulosGreece’s deputy minister of national economy and finance defended the government’s response to high prices.

The participating list includes more than 850 branded products, with an average price reduction of 9%. About 100 meat products are included, with prices averaging 7.5% lower, although lamb is excluded. More than 350 private-label products have reductions of over 7%, while around 400 school-supply codes carry discounts exceeding 10%.

It is not that pasta will fall by 7%. It is the specific product codes, number 6, number 10, whichever code the supplier has included.

— Panagiotis KalofonosA consumer economist explained that the discounts apply to selected product codes rather than entire categories.

Deputy Minister of National Economy and Finance Nikos Markopoulos rejected the idea that the government was passively watching the problem. “I do not accept that the government is watching a problem without taking action,” he said, adding that the effort must continue as long as the crisis lasts.

Consumer representatives stressed that the initiative does not reduce prices across entire product categories. Economist Panagiotis Kalofonos said, “It is not that pasta will fall by 7%. It is the specific product codes, number 6, number 10, whichever code the supplier has included.” New INKA representative Panagiotis Georgiadis said consumers should be able to see the previous price. Participating goods will carry special shelf labels and appear on the “posokanei” online platform.

The only negative I see is that the previous price is not shown so the consumer can see it.

— Panagiotis GeorgiadisThe new INKA representative called for greater transparency in the initiative.
About this summary

Originally published by Ta Nea in Greek. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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