Skrekas: Inspections and measures to stimulate competition intensifying

The aim is to bring baby milk formula prices closer to the European average, while the reduction is already visible in some brands, Minister of Development, Kostas Skrekas, said on Wednedsay in statements to public broadcaster ERT regarding the investigation by the Competition Commission according to which the price of of infant milk in Greece is 30%-213% more expensive than in other European markets.

Inspections and measures to stimulate competition are intensifying, the minister added, pointing out that "it may not be visible in the citizens' pockets yet, but the package of measures taken by the Greek government is gradually bringing results. The stabilization of prices reduced by 5% has been locked in 1,300 products and will be valid for 6 months, Skrekas said. Indicatively, food inflation is at 25% in Greece, while at a two-year level it is at 35% in Bulgaria, at 29% in Romania and at 27% in Spain.

Among the factors that lead to higher prices are the cost of money, disruptions in supply chains from wars as well as the effects of the climate crisis and the huge destruction caused in agricultural products, such as for example olive oil, citrus fruits and oranges.

"As a government we will continue to try and we will not stop until we see product prices stabilize and if possible even start to decrease," he said and added:

"In 2019, Greece was second to last in terms of growth in the eurozone. In 2023, Greece was among the first three countries in the eurozone in growth rates. In 2019, Greece was an example of bad economic policy and in 2023, according to the Economist magazine, it was the country of the year globally, the country with the greatest growth and among the 35 richest countries in the world. Of course we have to do many things and of course we will have to record stronger growth than the rest of the European countries for many years to come if we want to approach the average European standard of living for Greek households."

"Greece," he concluded, "must rely on the main pillar of development which is tourism and develop other sectors as well, so that we have a multidimensional development policy. Industry, the processing of Greek agricultural products and the sectors that have to do with critical raw materials as well as research and technology, are those that will be supported by the Ministry of Development with new development tools in the coming period."