Skrekas: 2 transnational corporations are being checked for profiteering

Fines imposed for speculation are levied or certified by the tax office, Development Minister Kostas Skrekas emphasized on Sky this morning and announced that he would present relevant information to parliament next Monday to inform citizens.

Regarding the package of four measures to combat rising prices announced yesterday, the minister reiterated that they are aimed at correcting the long-standing bad practice of companies that inflate prices on store shelves.

As Mr. Skrekas emphasized, these measures follow those taken in the previous period, “the results of which are already visible” and with regard to baby milk, he said that if violations were found on the part of two multinational corporations controlled DIMEAfines will be announced in the coming days.

It should be noted that in the case of baby milk, if breastfeeding is chosen instead powdered milkparents in Greece are forced to pay for it “crazy money”and our country has the highest prices in Europe.

The data from a comparative study carried out by the Cartography Division of the Competition Commission is illustrative. In particular, milk for the first and second infancy, that is, 0-6 months and 6-12 months, which is the only food (and source of water) for the baby until the first 4 months of life and the main nutrition of the child from 5 to 8 months, is sold in our country is 213% more expensive than Sweden! The Minister of Development announced the implementation of four measures aimed at reducing prices on shelves:

1. Reduction of benefits for supermarkets. Reducing overall supplier discounts by 30% with a corresponding reduction in shelf prices for these products. This measure will be applied to categories in which the competition commission has found deviations. These products include: washing powders, household cleaners, toothpastes, shower gel/shampoo and baby diapers.
2. Preventing unreasonable price increases. Suppliers who increase product prices do not have the right to conduct promotions on goods that have been overpriced within three months. This measure applies to all goods sold in supermarkets.
3. Clean prices from farm to shelf. Suppliers are required to sell products to retailers at net pricing. Only a credit invoice of up to 3% is allowed for product returns or sprouting. This measure applies to fresh fruits, vegetables and meat.
4. Limitation of gross profit on baby milk. For companies importing, producing and distributing baby milk in Greece, there is a gross profit limit on selling prices for baby milk. The marginal rate is determined as the sum of the company’s operating expenses for a specific product category and commercial profit in the amount of 7%.

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