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Greece hopes to combat food profiteering with new measures

“Those who break the law will pay for it dearly,” Development Minister Kostas Skrekas said on Wednesday, threatening profiteers and announcing four new measures to combat high prices in big supermarket chains.

The new measures come as Greeks have been struggling with 10-12% monthly inflation in food prices since 2022, while wages and pensions have not seen a single rise. The floods in central Greece beginning of September have driven prices to new highs with discomfort in the population hitting new record.

the plain of Thessaly, the breadbasket of Greece, may have suffered huge damages in agriculture and livestock, however, it is not the only area supplying Greeks with food products.

Saying that inspectors have increased checks in the market, the minister added
that processes were being accelerated to assist inspectors with private inspectors.

“We have high prices in supermarkets as the factors raising prices have not been fully eliminated. So the increases are partially justified. However, we are seeing that many cost factors are decreasing (energy cost, transport etc) so that conditions are now arising where someone might wish to exploit these situations and we are led to “greedflation,” Skrekas said.

“He claimed that “with the four measures we are promoting, we will not permit these actions.”

The measures will include:

  • a mandatory shelf of basic goods with a “permanent” price decrease of at least 5% for a period of at least six months. If they charge prices earlier they face fines starting at 20,000 euros.
  • requirement that large retailers send the ministry lists of the prices charged by their suppliers and state their retail price,
  • the listing of the retail price of basic fruits and vegetables on platform combined with figures on the wholesale prices in European markets
  • more frequent inspections and an upgrade of the 1520 consumer phone line for reporting unfair prices.

An app where supermarket customers can upload videos and pictures of prices “foul play” expected to be ready by the end of the year.

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One comment

  1. Would this be the profiteering pass?