Greek Development Ministry focuses on market inspections to combat greedflation

Greek Development Ministry is conducting inspections on multinational enterprises over their profit margins along with a survey to find out which products, currently offered in the Greek market, present a big difference in prices compared with other EU countries, Development Minister Costas Skrekas said on Tuesday, ANA reports.

 In comments made to ERT TV, Skrekas noted that suppliers have informed the ministry they will cut prices by at least 5% for a six-month period to 213 products and that the ministry wanted to raise this number to more than 500 products. He added that price cuts start from 5% and could reach 10-12%.

 The minister said the government is implementing a plan to deal with inflationary pressures focusing on supporting incomes, market inspections, combatting profiteering, boosting competition, and strengthening the power of consumers. Skrekas pointed out that the ministry aimed to stop the greedflation phenomenon.