Sources from the Ministry of Development are responding positively to the latest data from IELKA (the Hellenic Association of Retail Businesses), which recorded negative inflation in supermarket products for July — signaling that the joint effort between the government and the market to freeze prices is beginning to deliver tangible results.
Negative inflation and expectations for further price reductions
“The IELKA data showing negative inflation in supermarkets for July is proof that the consensus reached between the government and business representatives — which initially provides for a price freeze during the July–August two-month period, followed by price reductions on essential products — is working,” Ministry of Development sources noted, adding:
“The negative inflation rate in supermarkets (-0.47%) for July represents the lowest reading recorded since December 2024 to date. It should be noted that the National Initiative for reducing prices on essential goods — set to launch on August 31st, with the voluntary participation of supermarkets and the food industry — is now fully underway. The National Initiative was launched at the end of June, following a meeting chaired by Prime Minister Kyriakos Mitsotakis at the Maximos Mansion, after which a follow-up meeting was held under the presidency of Development Minister Takis Theodorikakos, with the participation of representatives from industry, suppliers, and organized retail trade. The Ministry of Development is continuously updated on price developments by the administrator of the Independent Authority for Market Supervision and Consumer Protection.”
