Greece Launches Major Supermarket Price Cuts

Greece has launched a nationwide initiative to lower the prices of more than 1,700 basic consumer goods, with the measure coming into effect as families prepare for the new school year.

The agreement between the Greek Ministry of Development and major retail chains provides for permanent price reductions of at least 5% on the participating products. For some essential categories, including meat, dairy products, fruit and olive oil, reductions are expected to reach between 15% and 20%.

Greek economist Ploutarchos Maridakis said the initiative is not simply a publicity campaign and that preparations for the measure had been underway for months. He said the process effectively began in June, when prices for a number of products were frozen.

"This is not PR, but a real initiative," Maridakis said in comments cited by Nova TV. According to his assessment, the minimum reduction is around 5%, while the average decrease visible on store shelves is closer to 9.5% to 10%.

The initiative has been adopted by many of Greece's major supermarket chains. Maridakis said he had personally checked participating stores and found that products included in the scheme were clearly marked with labels identifying the lower prices.

He said the impact is particularly noticeable in products for children and goods commonly purchased by families ahead of the school year.

The economist also cautioned that the reductions do not necessarily mean every product has become cheaper compared with its price earlier in the summer. A quick comparison of around 70 products reportedly found several cases in which prices had risen by more than 20% to 25% in June before being reduced by only 5%.

"Of course, there will be such cases, but the initiative will continue until the end of the year and I strongly hope that it will help Greek families," Maridakis said.

The measure follows about two months of negotiations between the Ministry of Development and businesses. According to Maridakis, more than 12 major supermarket chains have so far joined the initiative.

He contrasted the Greek approach with Bulgaria's "Affordable for You" campaign, saying the Greek program appeared to be more structured and coordinated.

"I have the feeling that in Bulgaria it is not so well organized. In Greece it is more disciplined," he said, pointing to the negotiations between the government and retailers as a key factor in reaching what he described as a quick and clear result.

The price reductions come as Greek households face the additional expenses associated with the start of the school year. With the campaign covering a wide range of essential products and continuing through the end of 2026, the government and participating retailers are seeking to provide some relief to household budgets.