Development Minister Takis Theodorikakos met today with representatives of industry, suppliers, multinational companies, supermarket chains, Despoina Tsaggari — Director of the newly established Independent Authority for Market Control and Consumer Protection — and General Secretary of Commerce Napoleon Maravegias at the Ministry of Development.
Targeted price reductions from 31 August
The meeting aimed to finalise details of the national initiative to lower prices on essential goods — including food, basic household and hygiene items — effective from 31 August for a period of two to four months. Participating companies have committed to reducing retail prices by at least 5%, with higher reductions strongly encouraged.
The 12 product categories covered
Price cuts will apply across the following categories:
- Fresh meat: beef, pork, and poultry
- Milk, yoghurt, cheese, and eggs
- Bread and flour
- Pasta, rice, and legumes
- Olive oil, seed oils, butter, and margarines
- Infant formula, baby food, and diapers
- Coffee and breakfast cereals
- Chocolate, biscuits, and confectionery
- Soft drinks
- Cleaning products (laundry and dishwashing detergents, general-purpose cleaners)
- Personal hygiene products
- School supplies
Speaking immediately after the meeting, Minister Theodorikakos said: “We convened with business representatives and the Director of the new Independent Authority for Market Control and Consumer Protection to accelerate implementation of the national initiative for significant price reductions — set to take effect from 31 August. Our shared understanding is that this initiative covers all essential goods: food items and all basic household and hygiene necessities. Price reductions must be at least 5%, with the maximum possible reduction strongly preferred. Participation by companies is voluntary, and the initiative will run for two to four months. Further operational details — informed by existing best practices — will be coordinated directly by participating businesses and overseen by the Independent Authority for Consumer Protection.”