More than one in five branded products included in the National Price Reduction Initiative has a reduction of more than 10%. Of these, 76 have final price cuts of at least 15%, 40 of at least 20%, and 11 have reductions of 30% or more. A detailed analysis of the lists that reached store shelves yesterday provides a clearer picture of the scale of the reductions and the significant differences between individual categories.

The initiative follows an intervention launched at the beginning of the summer, when, after the cap on profit margins was abolished, the government and the market agreed to a freeze on price increases for July and August. As of yesterday, the focus shifted to reductions at the shelf, with the official count exceeding 1,740 product codes. The initiative will continue through the end of December, with the same or new products eligible to participate. Presenting the new phase, Development Minister Takis Theodorikakos also announced measures to strengthen the consumer movement, which he described as essentially absent from the Greek market.

See the lists of reduced prices by category

The initiative involves 12 supermarket chains and three toy and school-supply chains. The process remains open, with businesses expected to add new products during the week and supermarket chains to announce additional reductions. Therefore, the more than 1,740 product codes represent the official count as of Monday and not necessarily the initiative’s final scope.

The lists include:

• Reduced prices on branded products
• Reduced prices on school supplies
• Reduced prices on private-label products
• Reduced prices on meat

The lists and the differences

At the heart of the initiative are 875 branded product codes. Of these, 191 show final reductions of at least 10%. For 76 products, the reduction reaches or exceeds 15%; for 40, it is at least 20%; and 11 products have reductions of 30% or more. The largest final reduction identified in the list is 44%, although this represents the upper end rather than the norm.

The detailed list also reveals major differences between individual products. The largest concerns Barilla Integrale Farfalle 500g pasta, where the reduction ranges from 5.5% to 44%, depending on the supermarket chain. Other products with significant reductions include Papadopoulou Speculoos caramel biscuits, with reductions ranging from 5% to 20%, while Mills of Thrace all-purpose flour, 1kg, has a 20% reduction.

The large variation even for the same product is linked to how the final price is determined. The average reduction offered by suppliers is 6.6%, while the contribution from supermarket chains brings the average reduction to 9%. This explains why the same branded product can have a different final reduction from one chain to another.

In terms of the number of products, personal hygiene has the largest presence, with 146 products, followed by dairy products and eggs with 143, and pasta, rice and legumes with 100. Cleaning products, detergents and processed meats are also strongly represented.

For dairy products and eggs, the average reduction is approximately 8.7%, while 55 of the 143 products have double-digit reductions. The highest averages are found in smaller categories. Sauces, mustards, mayonnaise and spreads have an average reduction of around 17.2%, while chocolate and chocolate products are down 12.5%, with nine products showing reductions of more than 20%.

School supplies

The picture is even more pronounced for school supplies, where double-digit reductions are the rule. Of the 403 school-supply products that could be analyzed in detail, 373 — more than nine out of ten — show reductions of at least 10%. Forty-three have reductions of 20% or more, 21 reach or exceed 25%, while the largest reduction is 36%.

Behind the average, however, the official list reveals significant differences. At MyMarket, a large group of recognizable school supplies shows reductions of 25%, including BIC pens and art supplies, UHU glue, Pritt correction tape, Carioca markers, and SKAG and Cosmos notebooks. At the same chain, A4 copy paper is down 31%, while at Masoutis, a Pen2Pen notebook has a 36% reduction, the largest in this particular list.

At the other end of the scale, many of the school backpacks and bags included in Zaharias’ list have a uniform 10% reduction, while at Moustakas, many Milan, Deli and Metron stationery products are reduced by between 10% and 15%. This also explains why, despite the widespread double-digit reductions, the overall average reduction for the category is approximately 12%.

More than half of the analyzed list consists of school bags, backpacks and pencil cases, with 211 product codes. For notebooks, pads and paper, the average reduction is around 17%, with almost one in two products showing a reduction of at least 20%.

Meat and private-label products

For fresh meat, more than one in four products has a double-digit reduction. In total, 28 products are reduced by 10% or more, 10 by at least 15%, and four by more than 25%, with the largest reduction reaching 28.1%.

At the top of the list are four beef products at Masoutis, with a 28.1% reduction: shoulder cuts from Germany and France and veal neck cuts, also from Germany and France. At Galaxias, a range of basic beef, pork and chicken cuts show reductions of 10%, while processed meat products are reduced by up to 15%. Greek pork leg and shoulder at Andrikopoulos are down 11.1%.

Chicken has the largest presence on the list, with approximately 56 products, followed by beef and pork.

For private-label products, the average reduction is approximately 8%. Of the 360 products, 94 have reductions of at least 10%, 24 of at least 15%, and 10 of at least 20%, while the largest reduction reaches 33%.

The largest reduction concerns Nature’s Promise organic gluten-free nut muesli from AB Vassilopoulos, while two other muesli products from the same range have reductions of 23%. At Masoutis, the largest reductions reach 22% for personal-care products and 20% for antibacterial wet wipes. Among food products, highlights include Mr Grand white cow’s cheese, down 17%, and tahini with cocoa or orange, down 15%. At Andrikopoulos, Elomas Quality Sensitive baby wipes are down 23%, while adult-care products have reductions of 20%-22%.

The comparison

Beyond the scale of the reductions, the first day of implementation also highlighted a practical question: How can consumers know how much the product on the shelf has actually been reduced?

The initiative’s special labeling indicates which products are participating and displays the new price, but not the previous price or the percentage reduction. The issue was raised at yesterday’s press conference, with the president of the Independent Authority for Market Control and Consumer Protection attributing the problem to retailers’ operating systems.

In practice, therefore, PosoKanei is the main available tool for comparing the “before” and “after” prices. A dedicated section for products participating in the initiative has been created on the platform, although the initial picture suggests that comparison is not equally possible in every case.

For standardized and packaged products, consumers can search for the specific product code and compare its price. However, the same option was not available in yesterday’s version of the platform for products sold by weight, such as blocks of cheese. Similarly, although three toy and school-supply chains are participating in the initiative, their prices are not included in PosoKanei, which covers supermarket chains. As a result, some school supplies — the category with the highest prevalence of double-digit reductions — cannot be compared using the same tool.

What happens next?

The next key question is what will happen to price increases after the end of the summer’s informal freeze. Theodorikakos estimated that the agreement with the market for July and August was respected “in general.” However, there is no equivalent blanket commitment for the months ahead.

“There is no point in telling them, ‘Please sign a paper saying that you won’t increase prices in September or October,’” he said.

This gives the Independent Authority a more important role. “Whatever goes up, I see it beforehand. Under the law, they are required to notify us, so I see it two or three weeks before it happens,” said Tsangari, noting that there were no price increases in August and only one increase by a branded company that was not participating in the initiative was recorded in July.

This monitoring capability is particularly important if businesses were to reduce the prices of selected products while simultaneously increasing the prices of others.

Diesel

The government’s decision to extend the diesel subsidy for September is also part of the same effort. The subsidy remains at 10 cents per liter at the pump, with the fiscal cost for September estimated at approximately €30 million.

A few hours before the relevant announcements, Theodorikakos had essentially explained why diesel is particularly important in the fight against rising prices: “Diesel concerns us because it is the main fuel used to transport products. It creates a huge risk of new inflationary pressures.”

Rotation of products

The reductions that began yesterday will not necessarily apply to the same products through the end of the year. The initiative allows for products to be rotated, meaning that a business that keeps one product at a reduced price for two months can subsequently replace it with another.

Tsangari cited Coca-Cola HBC as an example. The company has currently included major 1.5-liter soft-drink products and could later choose, for example, the six-pack. Similarly, Unilever has included three or four major detergent products and could replace them with others in the next phase.

“There will be some movement. What matters to us is bringing both businesses and citizens into this ‘culture’,” Theodorikakos said.

Consumers

Beyond the price-reduction initiative itself, the Development Minister yesterday announced another intervention aimed at strengthening the consumer movement.

Theodorikakos spoke of the “absence of an authentic and serious consumer movement” in Greece and referred to countries such as Germany, France, the Netherlands and Belgium, where, he said, organized consumer action can put pressure on businesses, even leading them to cancel planned price increases.

He also criticized the way the public debate is conducted in Greece, arguing that if there were a serious consumer movement, it would direct its questions primarily toward businesses rather than the government.

In the same spirit, he stressed that the government and society are “on the same side of the hill” when facing the problem of high prices, insisting that consumers themselves need to develop a stronger and more organized voice in the market.

“In a few words, consumers are not a party; they are a movement!” he said. When asked whether he intended to encourage such initiatives himself, he replied: “I want to contribute!” The minister revealed that he had already discussed the issue with Tsangari, also pointing to the role that the new Independent Authority — which now incorporates the Consumer Ombudsman — can play.