Greek Development Minister Takis Theodorikakos announced, in an interview with SKAI, a new agreement with the food industry and supermarket chains aimed at stabilizing prices for two summer months — July and August — followed by significant price reductions on essential goods starting 1 September. The agreement covers around 2,000 product codes whose prices had already fallen by an average of 6% thanks to the government’s price-cap measure. During the summer period, those prices will remain frozen across food items, beverages, and basic household necessities.
A New Basket of Essentials with Targeted Price Cuts
Crucially, Theodorikakos confirmed that, in collaboration with Greece’s newly established Independent Authority for Consumer Protection, businesses will create a special ‘basket’ of core products tailored to the needs of the average Greek household. From 1 September, this basket will see substantial price reductions for a three-month period — a move the minister described as a critical step in protecting and supporting consumers.
Business Responsibility and Energy Cost Relief
Theodorikakos stressed that it is the responsibility of the private sector to moderate its average profit margins in favour of households. He emphasized that these successive interventions reflect the government’s sustained effort to tackle rising living costs affecting countless families.
On energy prices, he noted that recent declines in global oil prices — following the end of hostilities in the Middle East — must quickly translate through the supply chain and be felt by consumers. While a brief adjustment may occur in the days immediately after the end of the diesel subsidy, he expects fuel prices to return to pre-war levels within one to two weeks, aligning with current international benchmarks.
Development Law and Investment Momentum
Regarding the Development Law, Theodorikakos said a wave of new investment incentives will be launched in July. Three schemes are already active, and three more will soon follow — covering agriculture and food production, social entrepreneurship, and defence-related investments. Collectively, these initiatives are expected to mobilize over €1 billion in support and generate thousands of new jobs.
Broad-Based Income and Labour Market Gains
The minister underscored that improving citizens’ incomes is a whole-of-government priority — including his own ministry’s role in attracting productive investments, fostering innovation, and creating quality jobs with better wages. These efforts aim not only to strengthen the economy but also to retain young talent in Greece.
Additional measures include tax cuts and targeted rental support — offering a one-year rent subsidy to tenants. He also cited broader socioeconomic progress: unemployment has dropped from 18% in 2019 to 8% today, with 560,000 people finding employment during that period. Investments and exports have risen, signalling continued economic improvement.