Greece is launching a national price-reduction initiative covering more than 1,660 products, with average cuts of around 7% across food, school supplies and household goods, as the government seeks to ease cost-of-living pressures.
The program begins Monday and will run for two to four months, depending on the participating companies and products.
Development Minister Takis Theodorikakos called it a “national social agreement” aimed at supporting households and containing the cost of basic goods.
About 900 branded product codes are included, with reductions ranging from 5% to 30%. More than 450 school-supply items are being cut by an average of 10%, while roughly 250 private-label products and 60 meat codes, including beef, are being reduced by about 7% on average.
So far, more than 90 suppliers, 12 supermarket chains and three toy and school-supply retailers have joined, with more expected to participate. The final consumer benefit is likely to exceed the 7% average, as supermarket chains will add their own discounts on top of suppliers’ cuts.
Reduced prices will be marked on shelves, and consumers can check participating products and stores via the digital platform “PosoKanei,” which will show the range of discounts applied.
Despina Tsaggari, head of the new Independent Market Control and Consumer Protection Authority, said early August data suggested food inflation could turn negative. She said branded product prices had not risen in July and August, except for one company that is not part of the initiative.
Mr. Theodorikakos said the effort would continue, noting that geopolitical tensions still create uncertainty and price pressures. Full details on the economic benefit for households are expected to be released Monday.