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.
