The process of finalizing the list of products to be offered at lower prices from August 31 is in its final stages, as part of a national agreement between the government and the market. The implementation of this agreement is on the agenda of today’s cabinet meeting, where the Minister of Development is expected to present progress on the initiative, along with the product codes and categories that will be included in the list.
Supermarkets: Price cuts on 1,500 products from August 31
So far, according to ERTnews reporting, 750 product codes from branded goods supplied by 62 suppliers have already been submitted to the Independent Market Oversight Authority. In addition, private-label products are now also being included in the initiative. Approximately 100 codes have already been submitted, with that number expected to grow by an additional 50 to 70 codes.
The government’s goal is for the complete list to reach approximately 1,500 product codes, ensuring that the price reductions have the widest possible impact on store shelves.
School supplies also in the spotlight
School supplies are also a key focus, just ahead of the new academic year. Around 300 school supply codes have been submitted to the Independent Authority by toy chains and bookstores. Supermarkets are also expected to join the initiative, with the list set to include products such as paper, school bags, pencil cases, notebooks, pencils, and pens.
Meat prices under scrutiny
Meat prices are also drawing attention, as this category has been one of the main contributors to inflationary pressures in recent months. Suppliers are expected to submit their final lists of products and discount percentages within the week.
The average price reduction from suppliers currently stands at between 6.5% and 7%. However, this figure does not include the additional discounts that supermarket chains are expected to offer.
Discounts of up to 10% on select items
One supermarket chain has already announced reductions of between 2% and 3%, with some individual product codes seeing discounts of as much as 10%. The final price that consumers will see on shelves will be determined once all relevant announcements from suppliers and retail chains have been completed.
Reduced prices from August 31
It is noted that the reduced prices are expected to begin appearing on shelves from August 31. The measure is initially set to run for at least two months, with the possibility of renewing the lists or maintaining the existing reductions through to the end of the year — that is, until December 31.
