Consumers ‘can already see lower prices on the shelf’, PM says after visiting Athens supermarket

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Prime Minister Kyriakos Mitsotakis on Tuesday visited a supermarket in central Athens, accompanied by Development Minister Kostas Skrekas, in order to determine whether the recent measures taken to counteract the high cost of living and reduce retail prices have started to work.

He particularly focused on the case of infant formula, where he said the government’s cap on profit margins has led to “price reductions between 15% and 20%,” while adding that the government’s efforts will continue.

The prime minister was briefed on the progress in the implementation of four structural measures against price increases that went into effect on March 1, as well as their combined effect alongside other government actions, such as ‘permanent price reduction’.

He then spoke with the management of the supermarket regarding a decline of the initial prices of 4,000-plus basic goods recently observed in supplier price lists and how this impacts the final prices for consumers on supermarket shelves.

After the visit, Mitsotakis made the following statement:
“We had an opportunity today, with the minister, to visit a supermarket in the centre of Athens to ascertain in practice the efficacy of the recent measures legislated by the government regarding the reduction of prices for a series of product codes, roughly 4,000 consumer goods, detergents. The citizens can already see lower prices on the shelf.
Obviously, we have not beaten the problem of high prices. It is an ongoing battle, as we have said many times, but I believe that it is an important step, a structural step, that concerns the operation of the market itself, which will ultimately have the anticipated result – we hope – with reduced prices for consumers for a series of important products.
“I would particularly single out infant formula, a product that has concerned us a lot. With the action we took, effectively regulating the profit margin, we see reductions that are between 15% and 20%. Significant reductions, especially for young parents, as prices had recently truly gotten out of control. And the effort is obviously continuing.”

Mitsotakis: The fight against high prices is ongoing – supporting incomes a priority

Supporting the income of citizens is the government’s top priority, while the fight against high prices is ongoing, Prime Minister Kyriakos Mitsotakis said in an interview with ANT1 television on Tuesday morning, with journalists Giorgos Papadakis and Maria Anastasopoulou.
He noted that the “worst is behind us” as regards inflation, while acknowledging that Greek households are struggling to cope with the constant and persistent wave of price increases, which he said had prompted the government to “intervene in a drastic way”.

Following a visit to a supermarket in central Athens earlier the same day, Mitsotakis reported price reductions as high as 15% and 20% for roughly 4,000 product codes. He also stressed that the government’s efforts will not end there, “even though I continue to insist that, in my opinion, the worst of the inflation is behind us.”

He also noted that the government’s is primarily focused on supporting available income, which is also linked to nominal wages:

“Wages in our country have increased by 20% on average in the last four years. A new increase in the minimum wage is imminent, which will go into effect on April 1, and I believe we are on the way to achieving the target we set for an average wage of 1,500 euros and a minimum wage of 950 euros by the end of our four-year term.”

If one also considered the overall policy of reducing tax rates, he added, “you can understand why support of the citizens’ available income is the government’s first priority.”

Replying to questions, the prime minister referred to the measures taken to reduce prices for fresh and perishable foods, as well as other categories of household spending, such as energy.

On whether action to reduce prices should have been taken sooner, he pointed out that price hikes had originally been driven by real increases in costs, while the government had stepped in when the prices remained elevated even when costs had declined.

Mitsotakis also offered assurances that “appropriate action” will be taken to achieve the best possible prices during the upcoming Easter and Lent holidays, especially for vulnerable households. In response to a final question, he emphasised the government’s determination to crack down on profiteering, pointing to the fines that have been imposed and paid as proof the government’s will and ability to ensure compliance.

“You know that in Greece, prices rise easily but then have a hard time falling. This is precisely what our action does now and I want to send a message to everyone that inspections will continue with undiminished intensity and that, where offences and violations of the legislative framework we have established are found, the development ministry will impose the relevant fines without delay …. The rules are there for everyone to follow,” he said.

Source: ΑΝΑ – ΜPΑ

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