Another 650 products kept the same prices compared to last week
“For the third week in a row we have in 246 products, included in the household basket, price reductions compared to the previous week – and serious reductions – in 650 products exactly the same prices compared to last week and minimal increases, counted on the fingers of both hands.
This was announced by the Minister of Development and Investments, Adonis Georgiadis, taking stock of the household’s basket, in an interview today, on the OPEN television station.
In particular, he said: “The basket was scorned by too many people, and many people still treat it with skepticism, even though INKA’s figures were very encouraging. I am very proud, for the third week in a row we have 246 products with price reductions compared to the previous week – and serious reductions – in 650 products exactly the same prices compared to last week and minimal increases, counted on the fingers of two hands. Most importantly, in total basket value, all chains have a lower basket value this week, meaning a price cut. This is the third week in a row. Well, the basket, which some characterized as a communication show Georgiadis, as shown by INKA’s research saves 12% per week to anyone who chooses to buy products from the basket, 4 out of 10 consumers have already bought products from the basket . It’s funny that they say “but 6 out of 10 haven’t bought”. But 4 out of 10 is a huge number of consumers.”
Regarding whether the competition is working, the minister noted: “Competition has started to work truly. Now the chains are interested in knowing which chain I will announce this afternoon has the cheapest cart and which one I will be at tomorrow morning. Tomorrow I will be in a chain supermarket with the cheapest basket.”
When asked if the household basket reduced the offers in the supermarkets, Mr. Georgiadis emphasized that: “Not only do all the other offers continue as normal in the supermarkets, but this week the offers have intensified. Why the basket has created the following “problem”: because the prices in the basket have been reduced and a large percentage of the consumer public has moved to the basket, the “outside the basket” in order to keep their customers and not leave them make better prices. ‘Hey, the cart didn’t lower the bids, it increased the bids».
He added that: “And the industry with which I have constant meetings and will have with the multinational industry in the coming days, it seems that it is starting to back off. Because in order for the new reductions in prices to occur, costs have necessarily been reduced.”
Finally, the minister referred to two new tools adopted for price comparison: “In the index this week, we have made two innovations. First, we have weighted the quantities so that they are more fair between the baskets, that is, how much weight each chain’s products have. Secondly, we have also put in an algorithm that gives some points to the basket that has branded products, in relation to private label. ‘Therefore, we also encourage the chains not only to put private label products but also to put branded products. With these two changes I believe that the display of the basket will be fairer.”
RES-EMP
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