27% cheaper could be 41 standard products sold in , according to its study In this study of the Bank of Greece, differences in price levels between Greece and the euro area are analysed in 41 categories of branded standard supermarket products based on the estimates of Dixon et al. (2023), which find that competition on the producer market, concentration of the retail market and consumer habits explain a significant part of the price differences between countries. In particular, the price level of the products in question in Greece is considered if the interpretative variables mentioned above set the euro area average. The analysis of TTE researchers shows that prices in Greece would be significantly lower if the market characteristics of producers (suppliers) and the retail market, as well as the preferences of the consumer audience were aligned with the average levels of the euro area. This effect applies to most products. For goods in which Greece was the most expensive country, the price drop could reach 30% on average. Major reductions could also be achieved for goods with the highest shares in total sales, which are most representative for the Greek consumer’s basket. For this set of goods in particular, a price reduction of 17% on average (23% if olive oil is excluded). Our results also show that while Greece has become cheaper over the last decade compared to the euro area, it remains one of the most expensive countries in the branded standard supermarket products, which suggests that there is room for policy measures to be adopted to further reduce prices in Greece in this segment of the market. For many years policy discussions have focused on the importance of interventions to improve competition on the part of the producer, while recently attention has been focused on the role of interventions that could limit the price power of multinationals. The results of our study confirm this view, with price reductions reaching up to 14% if conditions of competition on the producer market would converge to the European average. However, there are other areas in which economic policy could emphasise. In particular, improving the retail structure on the one hand by increasing local competition and, on the other hand, by encouraging retail traders to form associations — with a view to addressing the online power of multinational producers — could greatly reduce the observed price differences. Finally, in the long term, consumer education, i.e. strengthening economic literacy, would also help to reduce price differentiation against the euro area, for the benefit of consumers.