The Greek Supermarket Association (ESE) has announced the implementation of price reductions on basic consumer products at supermarket shelves reaching a 15% reduction.
This initiative follows an invitation from the Development Minister, Takis Theodorikakos, to all food suppliers, branded consumer product manufacturers, and organized retail chains across Greece.
After numerous consultations between the two parties aiming to an agreement for more permanent price reductions ESE announced that both suppliers and organized retailers have responded positively to the minister’s invitation and by the end of this month approximately 120 product codes with new reduced prices will be available on the supermarket shelves.
This initiative is be intensified in the forthcoming weeks, and it is estimated that more than 600 product codes from various suppliers will gradually participate.
The price reduction on the first 120 consumer product codes will range from 6% to 15% with supermarket chains having already informed the General Secretariat of Commerce about the relevant code lists.
According to the Greek Research Institute of Retail Consumer Goods (IELKA) and companies involved in market measurements the continuous decrease in food inflation over the past months, especially for products sold in supermarkets, is now a consistent reality. It is anticipated that this initiative by the Ministry of Development will lead to further reduction in inflation for consumer products.
The price reductions will gradually appear on store shelves as of Tuesday Oct.22. In the coming period, the list of price reductions will be updated with a goal of including a total of 600 product codes for basic consumer goods over the next two months and until the end of 2024.
