Greek businesses will begin submitting binding proposals Monday to participate in a national price-reduction initiative that will cut supermarket prices on essential goods by 5% to 20% starting August 31, the Independent Authority for Market Control and Consumer Protection (AAEA&PK) said.
Under the timeline set by the authority, companies will submit proposals by product barcode, which will be evaluated July 28.
Supermarket chains will be notified July 29 of which products qualify, with final proposals due August 3. The program launches August 31 and runs through December 31, 2026.
The initiative applies only to real reductions in regular shelf prices — not temporary promotions — using each product's normal price on August 27 as the baseline.
Any later discounts will be calculated on top of the newly reduced price.
Priority categories include fresh meat, dairy, eggs, pasta, legumes, flour, oils, infant formula, diapers, breakfast items, soft drinks, detergents, personal hygiene products and school supplies.
Products must remain in the program for at least two months.
The initiative was launched following a meeting chaired by Prime Minister Kyriakos Mitsotakis at the Maximos Mansion in late June and refined in a follow-up session led by Development Minister Takis Theodorikakos with industry, suppliers and retailers.
Consumers will be able to track participating products through the government's PosoKanei platform, with standardized shelf labeling in stores.
The authority has established 16 safeguards barring competing businesses from exchanging information on prices, discount rates, costs or commercial strategy, saying the program's success will be measured by tangible, lasting savings for Greek households.