The Minister of Development, Takis Theodorikakos, is expected to meet with representatives of the Greek Supermarkets Association today, Wednesday, marking their second meeting within a month. The discussion is anticipated to center on the pressing issue of high prices, which continue to burden households and businesses’ efforts to maintain affordable pricing.
Sources within the organized food retail sector are confident that Theodorikakos will urge companies to expedite measures to curb inflation in food and other sectors, aiming to provide more relief for households.
Supermarket representatives will present data on the progress of price reductions, highlighting the negative inflation currently observed in their sector.
They are expected to reference recent data from the Research Institute of Retail Consumer Goods (IELKA), indicating that inflation in supermarket chains is likely to be negative for the second consecutive month in July, potentially exceeding -2%, while in June it stood at -1.92%.
Market analysts note that prices in Greece are mirroring the international downward trend observed in recent months and acknowledge the role of government measures in preventing price hikes.
“It seems that some measures are finally bearing fruit, such as the ban on promotions for products that had previously been marked up, as they have acted as a deterrent,” remarked a retail sector executive.
The significant shift of consumers towards cheaper alternatives has played a crucial role in prompting businesses to reconsider further price increases.
Households are now prioritizing price in their purchasing decisions, with an estimated nine out of ten opting for the cheapest products, and a substantial portion turning to private-label items.
