Greece implements national price reduction initiative for essential goods

Greece is implementing a National Price Reduction Initiative aimed at lowering the cost of living for households. Starting August 31, consumers will see price cuts on a wide range of essential goods. The government aims for a final list of approximately 1,500 product codes, including branded items, private label products, and school supplies.

Development Minister Takis Theodorakakos reported that 750 branded product codes from 62 suppliers and 100 private label codes have already been submitted to the Independent Market Monitoring Authority. The average price reduction from suppliers is currently estimated between 6.5% and 7%, though some supermarket chains have announced individual discounts of up to 10%.

The initiative places significant emphasis on school supplies to assist families with upcoming seasonal expenses. Approximately 300 school-related items, such as notebooks, pens, and bags, are included through participation from six retail chains. The program also targets high-inflation categories like meat and dairy products.

Prime Minister Kyriakos Mitsotakis noted that while food inflation showed signs of deceleration in July, geopolitical uncertainties and rising international oil prices remain risks that require continued vigilance.