Price transparency to help consumers in Greece

Big supermarkets in Greece will need to share their price lists for basic foods with authorities, the government said on Wednesday, in an effort to help households grappling with rising food costs.

Inflation in Greece, which touched record levels during the pandemic, has cooled, with consumer prices rising by 3.5% in August.

But with food inflation still at 10.8% last month, many families struggled to buy basic goods.

“We will not hide behind statistics,” Development Minister Kostas Skrekas told a press conference on Wednesday.

“No one can be happy when there are families struggling to buy essential goods.”

Skrekas said big supermarket chains would have to notify authorities of their suppliers’ price lists to help identify which products have become expensive and fight profiteering.

Specifically, for fruit and vegetables, supermarkets will need to publish their retail prices, while they will also have to mark products at a discount of at least 5% compared with their cost before September 20.

“Our aim is to have permanent and visible drops in the sales prices and boost competition,” Skrekas said, adding that supermarkets that were found to be offering fake discounts would face hefty fines. [Reuters]