The ongoing discussions with the food industry and supermarkets aimed at securing price reductions on consumer goods were reported on Wednesday by Development Minister Takis Theodorikakos.

Speaking to Parapolitika FM, he said: “We aim to reach an agreement. If this is not achieved now, the cap will have to be extended for two months.”

The minister also emphasized that strong inflationary pressures stemming from the war in the Middle East led to the decision to reintroduce the cap on gross profit margins, which is strictly enforced by the new Independent Authority.

“Our intention is to extend it beyond June 30, because the reasons that led us to introduce it have unfortunately not been eliminated. However, we are in talks with the market to achieve the best possible outcome,” Theodorikakos added.

Responding to questions about fines, he stated that “they are collected regularly and in full. My answer is unequivocal. The claim that they are not collected is used as an argument against imposing fines. Strict inspections are carried out and fines are imposed on anyone who violates the law. No business wants to be fined, as it damages its reputation. It is not only the financial cost; it is also a matter of trust.”

He added that the Independent Market Surveillance Authority recently announced that “since the cap was implemented, price increases have been 50 times lower and price reductions 67 times higher. Prices have been reduced on hundreds of products.”