Minister vows measures to stimulate competition in product prices

The government is seeking to bring baby milk formula prices closer to the European average, while the reduction is already visible in some brands, Development Minister Kostas Skrekas told state broadcaster ERT on Wednesday, commenting on an investigation by the Competition Commission, which found that the price of infant milk in Greece is from 30% to a whopping 213% more expensive than in other European markets. 

Inspections and measures to stimulate competition are intensifying, the minister said, noting that “it may not be visible in citizens’ pockets yet, but the package of measures taken by the Greek government is gradually bringing results.” 

He added that the stabilization of prices reduced by 5% has been “locked in for 1,300 products and will be valid for six months.” 

Indicatively, food inflation is at 25% in Greece, while at a two-year level it is at 35% in Bulgaria, at 29% in Romania and at 27% in Spain. Among the factors leading to higher prices are the cost of money, disruptions in supply chains from wars as well as the effects of the climate crisis and the huge destruction caused to agricultural products, such as, for example, olive oil and citrus fruits.