The implementation of the National Price Reduction Initiative, an agreement between the government and the trade sector that aims to reduce costs for consumers, has begun in Greece today.
Over 1,660 products have been included in the initiative so far, with the average price reduction being around 7%. For some products, the reduction reaches up to 30%.
Greek consumers will identify the products involved through a special label on supermarket shelves, with the inscription “Price Reduction – National Initiative in Practice”. The label will display the new price, while detailed information about the products and the percentage of the discount will be available online through the “PosoKanei” platform.
According to the latest data, around 900 products from well-known brands have an average discount of 7%, while for some of them the discount goes up to 30%. The list also includes over 450 school items, with an average discount of around 10%, around 250 private label products with a discount of 7%, as well as over 60 meat products, with an average discount of 7.2%.
More than 90 supplier companies, 12 supermarket chains and 3 toy and school supply store chains participate in the initiative.
An important element is that the final discount can be even greater than 7%. Supermarkets can apply an additional discount on top of the discount offered by suppliers, so the same product can have different prices from one supermarket chain to another.
The move is not a short-term promotion. The discounts will remain in effect for two to four months, depending on the product and the company.
The initiative follows an agreement between the Greek government, industry and the retail sector, initially to freeze prices during July and August and then to expand the list of products with reduced prices.
Greek authorities estimate that the measures could help mitigate inflationary pressures, especially in the food sector. The main challenge remains that the announced cuts translate into real savings for Greek households.