Greece Cuts Supermarket Prices on Over 2,000 Products

Consumers successful Greece will spot little prices connected thousands of supermarket items done the extremity of the year, pursuing an statement betwixt the Ministry of Development, large retail chains, and 70 suppliers aimed astatine reducing household expenses.

The initiative, which expands the earlier “1,000 codes” price-cut program, present includes much than 2,000 merchandise codes — a fig that exceeds archetypal expectations, according to the ministry.

Average 8% terms simplification crossed categories

As of this week, supermarket shelves diagnostic an mean terms simplification of 8% connected a wide scope of goods. The cuts vary by class and product:

• Personal attraction products: 236 items, 5%–13% decrease
• Breakfast foods and cereals: 56 items, up to 23% decrease
• Cheese: 34 items, 5%–35% decrease
• Sweets and chocolate: 68 items, 3%–17% decrease
• Oils and fats: 11 items, 5%–16% decrease
• Pasta: 38 items, 3%–5% decrease
• Coffee: 8 items, 5%–8% decrease
• Fresh meat: 3 items, 5%–7% decrease
• Government and manufacture statements

Greek Minister of Development Takis Theodorikakos said the inaugural reflects a broader effort to power prices successful indispensable goods contempt planetary economical uncertainty. “We are warring to support prices successful cheque and guarantee just competition, pressing the marketplace to trim nett margins wherever possible, for the payment of society — particularly those astir affected,” Theodorikakos said.

He added that the measurement is portion of a wider betterment effort that includes establishing a caller Independent Consumer Protection and Market Supervision Authority, aimed astatine strengthening oversight and simplifying user law.

Apostolos Petalas, wide manager of the Hellenic Supermarkets Association, described the determination arsenic a associated effort betwixt retailers, suppliers, and the nutrient industry. “This is simply a continuous effort by the concern community, successful practice with the government, to connection high-quality products astatine the champion imaginable price, contempt the challenges posed by inflation, vigor costs, and planetary nutrient supply disruptions,” helium said.

A wave of contention among retailers

The price-cut inaugural has triggered what manufacture analysts telephone a “competition domino effect.” Rival supermarket chains are expected to motorboat their ain discounts and offers successful response, while brand-name suppliers whitethorn beryllium forced to lucifer reductions to support their marketplace share.

Initially, galore suppliers were reluctant to participate, offering lone minimal cuts. Supermarket chains responded by including hundreds of private-label products, starring to the existent total of implicit 1,300 such items with reduced prices.

Industry sources estimation that each large concatenation has reduced prices connected betwixt 150 and 250 items connected average. This means that while the government’s wide fig exceeds 2,000 products, a typical ample supermarket will diagnostic astir 700 discounted items — excluding ongoing promotions and special offers.

Consumer interaction done 2025

The caller pricing strategy will stay successful effect done December 31, 2025, covering indispensable goods from household basics to caller foods.

For Greek consumers, the cuts supply some welcome alleviation amid lingering ostentation and rising surviving costs — and for the market, they people the start of a caller signifier of intensified terms competition.