Skrekas acknowledged the complexity of the rising prices issue. He attributed it not just to profiteering but also to factors like increased global raw material costs and payroll expenses. He noted that, although energy prices have decreased, they have not reverted to the levels seen before the financial crisis. The ministry has requested detailed invoices and is conducting thorough checks on products like seafood to address speculation.

He reiterated the effectiveness of the taken measures, as illustrated by the price reduction in formula milk, reinforcing the potential for consumer action to influence market prices.

However, ELSTAT’s comparison between February 2023 and 2024 paints a stark picture of price hikes in nearly all sectors. From basic food items to healthcare and education services. Only a few categories, like natural gas and dairy products, experienced price reductions. More specifically:

Year-on-year price increases:
– Bread and Cereals: 1.6% Increase
– Meat – General: 4.8% Increase
– Fish – General: 9.7% Increase
– Olive Oil: 63.7% Increase
– Fruit – General: 12.3% Increase
– Vegetables – General: 6.5% Increase
– Sugar, Chocolates, Sweets, Ice Creams: 5.8% Increase
– Other Foods: 6.5% Increase
– Coffee, Cocoa, Tea: 4% Increase
– Mineral Water, Soft Drinks, Fruit Juices: 13.8% Increase
– Alcoholic Drinks – Not Served: 5.5% Increase
– Clothing and Footwear: 1.3% Increase
– House Rentals: 3.8% Increase
– Home Repair and Maintenance: 3.1% Increase
– Heating Oil: 9.9% Increase
– Solid Fuels: 7.2% Increase
– Furniture and Decorations: 3.5% Increase
– Household Goods: 1.6% Increase
– Household Services: 2.3% Increase
– Pharmaceutical Products: 5.4% Increase
– Medical-Dental and Paramedical Services: 5.4% Increase
– Hospital Care: 1.3% Increase
– New Cars: 0.9% Increase
– Used Cars: 4.6% Increase
– Car Parts and Accessories: 5% Increase
– Maintenance and Repair of Personal Transportation: 3.7% Increase
– Information Processing Equipment: 4.1% Increase
– Small Recreational Items – Flowers, Pets: 5.8% Increase
– Cinemas, Theaters: 6.3% Increase
– Package Holidays: 8.7% Increase
– Preschool and Primary Education: 4% Increase
– Secondary Education: 3.6% Increase
– Tertiary Education: 2.8% Increase
– Restaurants, Patisseries, Cafes, Canteens: 6.7% Increase
– Hotels, Motels, Inns: 0.4% Increase
– Hairdressers and Personal Care Stores: 4% Increase
– Health Insurance Premiums: 14% Increase
– Vehicle Insurance Premiums: 2.1% Increase

Year-on-year price decreases:
– Natural Gas: 52% Decrease
– Fuels and Oils: 1.5% Decrease
– Electricity: 1.1% Decrease
– Dairy Products and Eggs: 0.7% Decrease
– Medical Products: 1.8% Decrease
– Transportation of Passengers by Air: 0.9% Decrease
– Telephone Services: 2.1% Decrease
– Other Personal Care: 1.4% Decrease

Moreover, despite minor price reductions in some food items from January to February 2024, overall trends indicate rising costs in essential goods, including meat, fruit, and utilities. Namely:

Month on month price decreases
– Cheese: -0.7%
– Yogurt: -2.5%
– Cold meats: -2.4%
– Pork-poultry: -1.2%
– Bread and cereals: -0.5%

Month on month price increases
– Beef: 1.1%
– Fish: 3.3%
– Soft drinks-juices: 2.6%
– Eggs: 4.4%
– Gasoline: 3.1%
– Heating oil: 4.4%

Skrekas also introduced an upcoming feature on the e-Katanalotis platform, aimed at helping consumers find cheaper prices for products they buy frequently. This tool will allow users to compare prices at nearby supermarkets, potentially leading to savings by choosing lower-cost options among over 3,000 product codes listed on the platform. This initiative reflects the ministry’s commitment to empowering consumers in managing their expenses amid fluctuating market prices.

Highlighting the potential for consumers to influence market prices, the Minister used the pricing of fresh milk as an illustrative example. “Consider that fresh milk is typically priced between 1.60 and 1.80 euros/litre. Now, some supermarkets offer Greek fresh milk for just 1 euro/litre. If consumers opt for the 1 euro option, it doesn’t necessarily mean all prices will immediately match this, but rather, we’ll likely see competing brands adjust their prices to around €1.10-€1.20 euros just to remain competitive,” he explained.

Skrekas emphasized the goal of empowering consumers, saying, “We aim to bring the practice of hunting for the best deals directly to consumers’ screens, mimicking the traditional method of comparing prices across different stores.”

He also addressed enforcement measures and stated, “We will persist with our inspections and levy fines for any detected illegalities.” So far, 80% of these fines have been successfully enforced or upheld. Fines for unfair profiteering must be paid in full, and appeals can be made subsequently.”

He also provided examples of recent price trends, noting, “Prices for items such as tomatoes and lettuce have decreased by 20-30% compared to two months ago. Through initiatives like combating over-invoicing and promoting electronic billing, we’re observing gradual price reductions. These efforts require time to manifest results, but rest assured, we are committed to ongoing action against price inflation, taking steps unprecedented by any previous administration.”

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