Wave of double figures reductions prices in price lists in some categories of supermarket products is expected from next month, due to the implementation of the new measures against the accuracy of the Ministry of Development.

Speaking to the Athens News Agency, the general manager of the Greek Supermarket Association, Apostolos Petalas, notes that, as appears from the new price lists concerning personal care products, detergents and home care productsthe prices are lower and the bet of the competent ministry to de-escalate them, is won.

Mr. Patelas clarifies that the period that will follow is critical for the companies in the sector in order to draw useful conclusions about consumer behavior.

“It takes time for companies to understand how consumers perceive the new pricing architecture and at the same time readjust their offer strategy. What is certain is that the categories of personal care products, detergents and home care products, where the trend was generalized high price combined with great offers, are entering a new era of pricing.

Regarding price increases, Mr. Petalas notes: “With the announcement of the measures by the competent ministry, to a large extent not only appreciations froze but at the same time some large companies that had announced price increases, suspended them. This shows that the measures are moving in a positive direction and have started to pay off.”

Focusing on inflation, he characterizes its de-escalation in recent months as an important development and points out: “We are observing a significant de-escalation in both overall inflation and food inflation and we expect a greater de-escalation in the coming months,” says Mr. Petalas.

It is recalled that from March 1, the measure that provides for a reduction in the initial price of certain categories of products will be implemented, a reduction which should be equal to at least 30% of the sum of discounts, credits or other benefits given by suppliers to retailers

Which products showed an increase and which decrease in price

The “rally” in food prices continued in January, according to ELSTAT, although a slight deceleration in the rate of inflation was recorded. In January, inflation may have reached 3.1% from 3.5% last December and compared to 7% in January 2023, but in the group “food and non-alcoholic beverages” it “runs” with 8.3% due to an increase mainly in prices in many basic items.

Specifically, in a monthly comparison, there were appreciations in:

  • charcuterie (5.7%),
  • fresh fish (1.2%),
  • yogurt (2.8%),
  • olive oil (6.8%),
  • fresh vegetables (2.8%),
  • preserved or processed vegetables (2%),
  • alcoholic beverages – not served (3.9%),
  • electricity (0.7%),
  • pharmaceutical products (0.8%),
  • passenger transport by plane (3.4%),
  • mobile services (1.6%),
  • restaurants- patisserie- cafes- canteens (1.5%) and
  • health insurance premiums (14%).

Instead, prices fell to:

  • pasta (3.3%),
  • poultry (1.8%),
  • fresh whole milk (4.4%),
  • fresh milk with reduced fat (4.8%),
  • cheeses (1.9%),
  • fresh fruit (1.9%),
  • municipal taxes (1.5%),
  • natural gas (13.5%),
  • heating oil (1.1%),
  • household textiles (3.8%),
  • car fuel- gasoline (0.5%) and
  • hotels-motels-inns (7.4%).

It is noted that a few days before the implementation of the measures against punctuality, which begin on March 1, the Ministry of Development proceeded with a new intervention to “block” the price increases.

“We are convinced that we will immediately see price reductions in consumer products for households” recently stated the Minister of Development K. Skrekas. “To ensure absolute transparency in the supply chain, we oblige suppliers to sell products at retail at “net” prices, (net pricing).”

A three-month promotional ban was imposed

With the aim of mutual benefit for businesses and consumers, the Ministry of Development decided to exempt from the ban on promotional actions – for three months – products for which there has been a previous price increase of those that are close to their expiration date.

The regulation concerns 44 types of products for which a special label is now required that will read “Product with a close expiration date” and the time distance from the expiration date varies for each type from one to 30 days.

The aim of this intervention, among others, as the Ministry of Development has pointed out, is to deal with phenomena of food waste or the destruction of stocks that could be made available at particularly low prices to interested consumers.

Products exempted from the ban on promotions – for 3 months – if there has been a previous price increase, as long as they are close to their expiry date are the following: pastries (1 day), fresh pork (1 day), fresh chicken and chicken parts (1 day), fresh beef (1 day), fresh whole and low-fat milk (1 day), chocolate milk (1 day), plant-based drinks (1 day), yogurt and yogurt desserts (3 days), creams and rice milk (3 days), bread and bread for toast (3 days), highly pasteurized – long-life – full and low-fat milk (5 days), juices (5 days), eggs (5 days), cold meats (5 days), soft drinks (10 days), beer (10 days), water (10 days), solid chocolate and drinks (10 days), cheese (10 days), seed oils (10 days), rice (10 days), butters and margarines (15 days), jams and spreads (15 days), packaged coffee (15 days), halva (15 days), pulses (20 days), toast (20 days), pasta (20 days), preserves (20 days), frozen fish (20 days), evaporated milk (20 days), tomato juice (20 days), sauces and stock cubes (20 days), mayonnaise (20 days), ketchup (20 days), olive oil (20 days), frozen vegetables ( 20 days), frozen doughs (20 days), sugar and sweeteners (20 days), oat products (20 days), baby cream (20 days), canned dog food (30 days) and canned cat food (30 days).

The list of products that are subject to review for price increases and for which – according to the current legislation – companies cannot carry out promotional actions for the next three months is also expanded and expanded, and the list of fresh products for which “net prices” are applied with the addition of the “fresh goat” and “fresh lamb” categories.