The implementation of price reductions in basic consumer products on supermarket shelves has begun, as announced by the Greek Supermarket Association
The price reduction initiative concerns an invitation by the political leadership of the Ministry of Development and Investments, Mr. Takis Theodorikakos, to all suppliers of food and branded consumer products as well as organized retail in the country.
In its announcement ESME states:
It is estimated that gradually more than 600 product codes of various suppliers members of SEBT, ESVEP and other suppliers will participate in the initiative
“Both suppliers and organized retail are responding positively to the Minister’s invitation and by the end of October approximately one hundred and twenty (120) product codes will be available on the shelves of Supermarkets, as a start of the initiative, with the new reduced prices.”
It is expected that this initiative will intensify in the coming weeks and it is estimated that gradually more than 600 product codes of various suppliers of SEBT members, ESVEP and other suppliers will participate in the initiative.
Price reductions of up to 15% in supermarkets
The price reductions in these 120 consumer product codes will range from 6%-15% and the Supermarket Chains have already informed the General Secretariat of Commerce about the relevant lists of product codes.
According to the announcements of IELKA and the relevant measurement companies (NielsenIQ, Circana, etc.) the continuous de-escalation of food inflation in recent months, especially in products sold in supermarkets, is now a stable reality and it is expected that with the initiative that of the Ministry of Development, there will be even further de-escalation of inflation in consumer products.
Consultations
Much consultation has taken place between retail chains, suppliers and industry, with the aim of exhausting the possibilities for more permanent reductions in so-called fast-moving product codes. This was also the framework set by the competent Minister of Development, Takis Theodorikakos.
The price reductions will gradually pass from tomorrow on the store shelves and have as a point of reference the prices as they were formed until yesterday. Over the next period, the list of price reductions will be updated with the aim of including a total of 600 codes with basic consumer products in the next two months and by the end of 2024.
#Supermarket #codes #price #reductions
