Greece will launch its National Price Reduction Initiative on Monday, August 31, covering more than 1,660 product codes and delivering an average price reduction of around 7%.
Development Minister Takis Theodorikakos said the initiative aims to provide meaningful support to households and contain the cost of essential goods.
The programme remains open to new participants and covers basic food and everyday household products, school supplies, private-label goods and meat. Authorities expect the list to expand further before Monday.
The latest figures show that around 900 branded products have joined the initiative, with average price reductions of approximately 7%. Individual reductions range from 5% to 30%, depending on the product.
More than 450 school-supply products carry an average reduction of about 10%, while around 250 private-label products have fallen by an average of 7%. The 60 participating meat products show an average reduction of 7.2%. The category includes both Greek and imported meat, including beef.
More than 90 suppliers, 12 supermarket chains and three toy and school-supply chains have so far joined the initiative. Authorities expect additional businesses to participate.
Theodorikakos has described the programme as a “national social agreement” aimed at supporting households. He stressed that price reductions on essential food products start at 5% but reach significantly higher levels in several cases.
Supermarkets Expected to Add Further Discounts
The final benefit for consumers could exceed the current average reduction of 7%, as supermarket chains will add their own discounts to the reductions offered by suppliers.
The additional discount will vary between businesses. As a result, the same product may have a different final price depending on the supermarket chain selling it.
Speaking to OPEN, Despina Tsaggari, president and administrator of the new Independent Authority for Market Control and Consumer Protection, said the additional contribution from supermarkets should become clearer over the weekend and increase the overall reduction.
How Consumers Will See the Price Cuts
Special shelf labels will identify products with reduced prices in supermarkets.
From Monday, consumers will also be able to access information through the digital “PosoKanei” platform. The platform will show participating businesses, the products included in the initiative and the applicable reductions.
For branded products, the platform will also show a reduction range to account for the different additional discounts offered by individual supermarket chains.
Initiative Will Run for Two to Four Months
The programme will last between two and four months, depending on the participating businesses and products.
Businesses that have committed to a two-month participation period have agreed to introduce new product codes during the following two months. Other products already carry a four-month commitment.
Authorities will calculate next week the exact proportion of participating products compared with the total number of product codes available in supermarkets.
As an indication, a medium-sized supermarket may carry between 15,000 and 20,000 product codes. On that basis, roughly one in nine products has so far joined the initiative.
However, authorities say the programme’s significance depends not only on the number of products but also on their relevance to everyday household purchases.
Positive Early Signals on Food Inflation
Tsaggari welcomed both the number of participating businesses and the composition of the product list, while predicting that participation will increase further.
She also described the initial August inflation figures for supermarkets as very positive and estimated that food inflation could move into negative territory.
From Monday, authorities also expect to publish an estimate of the monthly value of the price reductions, providing a clearer picture of the potential financial benefit for consumers.
Market Inspections Continue
Meanwhile, authorities continue to monitor supermarket prices.
According to Tsaggari, available data show no increases in branded products during July and August, apart from one branded company that authorities have contacted. That company does not participate in the initiative.
Tsaggari also warned that promotional campaigns can sometimes obscure the actual movement of prices, making continuous market monitoring necessary.
Theodorikakos has stressed that the government continues to tackle the cost-of-living pressures and “does not celebrate prematurely or become complacent”, as international developments and geopolitical tensions continue to create uncertainty and price pressures.
According to Eurostat figures cited by the minister, food prices fell by 2.3% between June and July, while annual food inflation stood at -0.4%.
Authorities will present the complete list of products participating in the National Price Reduction Initiative on Monday, together with an estimate of the total potential financial benefit for Greek households.
