The National Price Reduction Initiative is entering its final phase before lower prices reach supermarket shelves, with 1,150 product lines already included and August 31 set as the milestone by which consumers should see the reductions in practice.

Development Minister Takis Theodorikakos presented an update on the initiative to the Cabinet today, at a time when tackling the rising cost of living remains a key concern for households, despite the easing in food prices recorded in July.

According to the figures presented, as of August 20, 750 branded products and 100 private-label products had been included, with the average price reduction standing at approximately 7%. So far, 62 suppliers and 10 supermarket chains are participating in the initiative.

The reductions cover a wide range of products that are part of households’ everyday shopping baskets. These include dairy products, meat, pasta and pulses, as well as cleaning products, personal-hygiene products, baby food and diapers.

School supplies

A separate part of the initiative concerns the school-supplies market, ahead of the start of the new school year. Six retail chains are participating in this area, with price reductions on 300 school-supply product lines.

With the addition of the school supplies, the total number of product lines included in the initiative so far rises to 1,150: 750 branded products, 100 private-label products and 300 school-supply items.

This figure, however, is not the final total. The list remains open, as new product lines and suppliers are being added on a daily basis, leaving room for the initiative to expand further before it is fully implemented.

On the shelves

The crucial next step is for the agreed reductions to be reflected in the prices consumers actually see on the shelves.

Under the initiative’s timetable, the reduced prices should have reached supermarkets by August 31, putting into practice the outcome of the process that took place between the ministry, suppliers and retailers.

The development is particularly significant as the government seeks to provide a more immediate buffer against the increased cost of living, this time focusing on actual price reductions for specific products, rather than simply preventing further price increases.

The winter

In his briefing to the Cabinet, Takis Theodorikakos also highlighted the risks that continue to exist on the price front. As he pointed out, despite the negative food inflation recorded in Greece in July, there is no room for complacency.

The broader geopolitical situation and the two ongoing wars continue to be a source of inflationary pressures, primarily because of the sharp increase in international oil prices.

This factor is becoming even more significant as winter approaches and could once again affect costs for businesses and households.