Inflation: Price controls extended until end of 2024

Greece continues to fight inflationary pressures and is moving towards healthy, sustainable economic growth for the benefit of its people.

An amendment made by Development Minister Takis Theodorikakos to the provisions (in terms of combating high prices) is being submitted to parliament for a vote. The measures are extended until the end of this year:

• The term of application of the profit margin ceiling has been extended until 31.12.2024. It is set as the gross profit that each company received from the sale of each main product until 31.12.2021 (closed 2021 financial year).
• Control of profit margins in the “Recycling – Water Heater Replacement” program. With the vouchers offered to beneficiaries, there is a possibility that some companies participating in the program will increase their asking prices for the supply and installation of a new water heater to take advantage of the increase in demand.
• The maximum fine for violating the provisions of the price cap has been increased fivefold, from EUR 1,000,000 to EUR 5,000,000.
• The maximum fine for violation of the prohibition of promotions provisions in the presence of a previous revaluation is tripled, from 2,000,000 to 6,000,000 euros.
• The “family basket” has been extended until 12/31/2024.
• The obligation to report to the Ministry of Development about revaluations of suppliers' products by supermarkets has been extended until 12/31/2024.
• The obligation to announce the Ministry of Development of indicative prices for fruits and vegetables from supermarkets has been extended until December 31, 2024.
• The price ceiling for baby food (milk) is set until 12/31/2024.

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