Greek households could save up to an average of €39 a month under the country’s National Price Reduction Initiative, according to an estimate by the Independent Authority for Market Control and Consumer Protection (AAEA&PK).
The authority based its estimate on monthly sales of the products included in the initiative, which came into effect on August 31 and covers 1,740 product codes.
Responding to public claims about price reductions on supermarket shelves, the authority said it had assessed the initiative using market data rather than isolated price comparisons.
It rejected claims that companies increased prices shortly before the initiative began and then presented the subsequent reductions as genuine price cuts.
According to the authority, businesses participating in the initiative submitted no price-increase declarations in July or August. The only price-increase declaration filed during that period concerned a company that does not participate in the initiative.
Authority rejects “artificial basket” comparisons
The authority also criticised comparisons that use a small number of products to create what it described as an artificial shopping basket.
It said some comparisons do not use the same supermarket chain, the same reference price or the same period for each product. Instead, they retrospectively identify the lowest price recorded at any chain and on any day, including short promotional offers that may have lasted only a few days.
The authority stressed that consumers should distinguish between the regular shelf price without a promotion and the lowest promotional price that may have appeared temporarily at a different supermarket.
The National Price Reduction Initiative, it said, does not constitute another short-term promotional campaign. It requires a fixed and binding reduction in the basic shelf price for at least two months per product code, with some reductions continuing until the end of December 2026.
Short-term promotions can continue on top of the reduced basic price, allowing consumers to find even lower prices for limited periods.
Meat, private-label and school supplies included
The authority also said some public comparisons excluded entire product categories that account for a significant share of the initiative and include substantial price reductions.
Among the categories it highlighted were:
- Fresh meat: 100 product codes, with an average reduction of 7.5% and cuts of up to 28%.
- Private-label products: 360 product codes, with an average reduction of 8% and cuts of up to 33%.
- School supplies: 405 products, with an average reduction of 12% and cuts of up to 36%.
The AAEA & PK said it monitors and checks the implementation of the initiative daily and will continue to do so throughout its duration.
It added that its analysis of actual shelf prices so far confirms the figures it has published.
Based on the monthly sales of participating products, the authority estimates that the initiative could deliver average savings of up to €39 per month per household for the relevant basket.
