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Tue, Oct

Greece Says Price Cap Cut Costs for 2,000 Products

Greece Says Price Cap Cut Costs for 2,000 Products

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Greece’s Development Minister Takis Theodorikakos said a government-imposed cap on profit margins has led to price reductions across 2,000 products, as authorities continue efforts to ease pressure on consumers.

Speaking about measures aimed at controlling excessive pricing and limiting profiteering, Theodorikakos said the profit margin cap applies across the supply chain, including supermarkets, wholesalers and food manufacturers.

“Since the measure was introduced, 2,000 product categories have seen price reductions, with an average decrease of 5%,” he said in an interview with Skai 100.3.

According to the minister, companies reduced prices because keeping them unchanged would have pushed their profit margins above last year’s levels, potentially leading to fines from the independent market authority. He argued that the measure has therefore delivered results.

Government seeks further price cuts

Theodorikakos said the government does not intend for the measure to become permanent, emphasizing its support for a “free, fair and healthy competitive market.”

However, he called on businesses to contribute to the wider effort by accepting lower profit margins, noting that many citizens are

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