Greek Development Minister Announces Price Reductions on Essential Products to Tackle Soaring Prices

"From Friday onwards, when the package of measures we have taken to deal with soaring prices is implemented in its entirety, we will see prices that are up to 15% lower in important product categories. These categories include household cleansing products, personal hygiene products, baby diapers, and a series of consumer goods that are essential in households," Development Minister Kostas Skrekas said on Tuesday on the public television channel ERT1, according to ANA reports.

Regarding the price of baby formula, he said the prices will approach the European average after March 1. Skrekas announced that the price reductions in baby formula and all product categories will be made public so that consumers can see the price of these products before and after the implementation of the measures.

"We all recognize that the foremost issue that Greek families have to contend with is the high supermarket prices, and for this reason, the main priority of the government is to tackle this big problem," the minister said. He added that 25,000 inspections have been carried out and more than 12 million fines have been imposed for unfair profiteering.

"We believe that the measures we have taken so far, combined with the measures that go into effect from March 1, will lead to a gradual de-escalation of inflation," the minister said.