Supermarket food prices expected to drop in March

supermarket food prices

Development Minister Kostas Skrekas said on Skai radio on Wednesday that supermarket prices will begin lowering as of early March due to the government's new measures,

Skrekas said the new measures will be voted on this or next week and companies will be provided a few days to correct their price lists.

The shelf prices before and after the cuts will also be released to the public, he said.

Commenting on the inflated food prices, the minister said that the government has taken action on it and expects prices to deescalate.

Regarding high prices for infant formula in Greece, Skrekas said that the government wants to approach the European average on pricing, so it will place a cap on the margin of profit.

Authorities are continuing inspections for unfair profits, and "will not hesitate to announce fines, as we are already doing anyway," he underlined.

Inflation in Greece at 3.7% in December, 2.9% average in the Eurozone

According to Eurostat data, annual inflation in Greece was set at 3.7% in December 2023. In the Eurozone, inflation rose to 2.9% from 2.4% and in the EU to 3.4% from 3.1% in November.

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The lowest annual rates were recorded in Denmark (0.4%), Italy and Belgium (0.5%). The highest annual rates were recorded in the Czech Republic (7.6%), Romania (7.0%) and Slovakia (6.6%).

Compared to November, annual inflation fell in fifteen Member States, remained stable in one and rose in eleven.

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READ MORE: Greece: Rising Energy Powerhouse Fuels Green Ambitions at Davos Forum.

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