Greece to launch national initiative to reduce cost of living

Greek Development Minister Takis Theodorikakos has announced a national initiative to reduce the cost of living for Greek households. The program is scheduled to begin on August 31, with the final list of products and specific reduction percentages expected to be finalized by the end of next week.

The initiative focuses on mass-consumption goods, including food, essential household items, and school supplies. To participate, products must undergo a minimum price reduction of 5%, lasting between two and four months, though some items may see double-digit decreases. The Minister noted that the goal is to provide meaningful relief, potentially saving families 40 to 50 euros per month on supermarket costs.

This announcement follows Eurostat data for July, which indicated that food inflation in Greece reached -0.4% on an annual basis and -2.3% compared to June, marking the lowest monthly change among Eurozone countries.