Greek Govt Unveils Latest Round of Measures to Contain High Prices

Another four measures were unveiled by the government on Friday to contain rising prices, especially for foods, as the past two years witnessed double-digit inflation rates on an almost monthly basis.

In statements to the media, market analysts point to an initial de-escalation in prices in seven main categories of durable goods, along with what the ministry claimed were a whopping decrease in 3,900 primary goods.

One closely scrutinized product, baby formula, has seen a decrease of an average of 15 percent on supermarket shelves, according to the relevant development ministry. The average prices now on Greece’s supermarket shelves now approaches the European average, the ministry said.

According to Development Minister Kostas Skrekas, “the measures we’ve taken are permanent, structural and aimed at correcting decades of structural distortions in the market. Our goal is to help all citizens in the face of the major problem of high cost of living, and which will lead to a permanent de-escalation of inflation.”