Greece is intensifying efforts to combat profiteering in essential goods, with authorities identifying excessive profit margins in specific food categories and launching extensive market inspections to protect consumers.
Takis Theodorikakos stated that the newly established Independent Authority for Market Control and Consumer Protection is conducting widespread inspections, with fines expected for businesses found violating the law.
Speaking to Real FM, the Minister emphasised that the government has implemented strict measures, including a cap on profit margins, while hundreds of inspections are being carried out nationwide to ensure compliance with consumer protection legislation.
He warned that strong inflationary pressures may emerge in the coming months due to the ongoing conflict in the wider Middle East region, noting that geopolitical instability in an area critical to oil and natural gas production could disrupt supply chains between Europe and Asia and negatively affect economic growth.
The Minister stressed that the government has taken decisive action from the outset to limit profiteering and contain inflation. He called for political responsibility and cooperation across the political system to address the economic challenges facing society.
He also highlighted the impact of fuel subsidy measures, stating that diesel prices have fallen by approximately 20 cents per litre following the implementation of the subsidy, particularly benefiting the transport sector and helping reduce broader costs that influence inflation.
According to the Minister, previous government measures contributed to negative food inflation for five months last year and negative inflation in essential living goods for a full year. He noted that no previous government had introduced a profit cap per product code, while acknowledging that rising living costs continue to affect a significant segment of society.
The Minister also outlined upcoming legislative reforms concerning consumer credit, with a bill expected to be submitted to Parliament after Easter. The proposed measures aim to address problematic lending practices for consumer loans up to €100,000 without collateral, including limiting repayment amounts to between 30% and 50% above the original borrowed capital and eliminating misleading contract terms.
Regarding the case file compiled by the European Public Prosecutor’s Office related to the OPEKEPE case, the Minister emphasised the government’s commitment to transparency, stating that each case should be examined individually when presented before Parliament in accordance with legal procedures.
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