Skrekas: Fines for 'greedflation' price hikes to be announced in coming days

A law capping the profit margins on basic essential goods could also apply in the following year if inflation persists, Development Minister Kostas Skrekas said on Sunday at the OT Forum held at the 87th Thessaloniki International Forum.

"We are in favour of the free market, not the unaccountable market," he said.

The fines imposed on shops that unjustifiably increased their prices in the flooded regions of Thessaly will be announced in the next few days, he revealed and stressed that the so-called "greedflation" inspections will continue and be very strict.

"Anyone seeking to profiteer at such a difficult time for the country will pay for it dearly. We will be merciless and this is not confined to Thessaly," he added.

He pointed out that the government immediately imposed a cap on the price of bottled water in the affected regions, while several large chains have offered discounts in Thessaly.

Skrekas said that the income of Greek households had shrunk and this had to be understood. "We want strong businesses and a strong business base but we must protect consumers," he added.

He said the government was monitoring prices in relation to Europe also and would step in if things appeared to be "getting out of hand", while ensuring that there were no shortages, with imports to cover demand, and inspections to control profit margins.