Greece launches national initiative to reduce prices on essential goods

The Greek government has launched the National Price Reduction Initiative, aimed at lowering the cost of living for households. Starting August 31, consumers will see price reductions on a wide range of essential goods. As of August 20, the initiative includes approximately 850 product codes, consisting of 750 branded items and 100 private-label products, with an average price reduction of about 7%. The program involves 62 suppliers and 10 supermarket chains.

In addition to groceries such as dairy, meat, pasta, and legumes, the initiative places significant emphasis on school supplies to assist families ahead of the new academic year. Six retail chains are participating, offering discounts on 300 different school-related product codes, including notebooks, stationery, and bags. The government aims to expand the total list to approximately 1,500 products to maximize impact.

Development Minister Takis Theodorakakos noted that while food inflation showed signs of slowing in July, the government remains vigilant due to geopolitical uncertainties and potential increases in oil prices. Prime Minister Kyriakos Mitsotakis also highlighted these efforts as part of a broader strategy to tackle inflation and support the Greek economy.