Will Spain follow? Greece puts flexible ceiling on commodity prices
Greece will apply from this Wednesday a flexible ceiling on the price of 51 basic products in the main supermarket chains, a measure with which the Government hopes to curb the impact of rampant inflation on households. According to the decree of the Hellenic Ministry of Development and Investment, these products, considered necessary to lead a decent life, may not experience a price increase greater than the national inflation rate, which Eurostat pegged at 9.8% in October.
The measure will be mandatory for all supermarkets whose turnover has exceeded 90 million euros in 2021, while it will be a recommendation for the rest. “We have not dictated the prices, but we have introduced a space so that there is competition between the different chains”Development and Investment Minister Adonis Yeoryiadis explained on Greek television ANT1, adding that the supermarkets themselves will choose the “cheapest” prices on the goods they want.
Basic food products such as bread, rice, pasta, eggs, chicken, dairy products or oils are included in the government plan, to which other cleaning and hygiene items are added. Of the 51 existing categories, supermarkets must include at least one product of each type in this “shopping basket”, something that they must communicate weekly to the ministry, as well as mark them in a special way both physically and digitally to inform consumers. The law, which will be in force until the end of March 2023, provides for penalties of up to 5,000 euros for each day of delay in sending the complete list.
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