Discounted prices are on the shelves starting today

Effective today, Monday, August 31, the National Price Reduction Initiative, with more than 1,660 items of basic consumer goods available at reduced prices. The initiative covers food, everyday household items, school supplies, private-label products, and meat.

Prime Minister Kyriakos Mitsotakis also referred to the initiative yesterday, during his weekly review, noting that it involves lower prices on basic consumer goods, such as food, household goods, and school supplies, with price cuts ranging from 5% to 7% for a period of two to four months.

The prime minister noted that the initiative «is certainly not the answer to all the pressures currently weighing on a family budget,» but it does provide «tangible relief,» especially as the expenses of the new school year begin for many families.

For his part, Development Minister Takis Theodorikakos has described the initiative as a «national social pact» aimed at supporting households and keeping the cost of basic goods in check.

To mark the launch of the initiative, Mr. Theodorikakos and Despoina Tsangari, the chair and director of the Independent Authority for Market Control and Consumer Protection, will make statements today at the Ministry of Development.

The official figures to be announced are expected to reflect the final number of SKUs participating in the initiative, the price reductions by product category, the additional contribution from supermarket chains, as well as an estimate of the potential financial benefit to consumers.

According to the latest available data, the discounts start at 5%, while the average discount across all items included in the promotion as of Friday is approximately 7%. For individual products, discounts reach up to 30%, while the duration of the initiative ranges from two to four months, depending on the product code and the participating company.

As of Friday, approximately 900 brand-name SKUs had been included, with an average price reduction of about 7% and a range of reductions from 5% to 30% per product.

School supplies include more than 450 items, with the average price decrease standing at approximately 10%, while approximately 250 private-label products show an average reduction of 7%.

The meat category includes 60 items, with an average price decrease of 7.2%. This category includes both Greek and imported products, including veal.

In addition, more than 90 supplier companies, 12 supermarket chains, and three toy and school supply chains had joined the program.

Particular emphasis has been placed on including brand-name products frequently purchased by Greek households, with the aim of ensuring that the price reductions apply to essential items in the daily shopping basket.

It should be noted that the final benefit to consumers, for certain items, will be higher than the average of 7% resulting from the suppliers’ price reductions, as the contributions from the supermarket chains themselves will be added to these reductions.

The additional discount varies by chain, meaning that the same product may have a different final price reduction depending on the point of sale.

Special signage on the shelf and digital updates

The reduced prices are marked on the shelves with special signage, while consumers can stay informed digitally through the «PosoKanei» platform.

The platform provides information on participating businesses, the product codes included in the initiative, and the discounts offered. For brand-name products, a discount range is also displayed to account for the varying additional discounts offered by each retail chain.

Duration: two to four months

The duration of the reductions ranges from two to four months. For businesses that have committed to a two-month participation period, new codes will be added in the following two-month period, while for other codes, the commitment is for four months.

As noted by sources within the Ministry of Development, the significance of the initiative is reflected not only in the number of SKUs but also in the composition of the list, as it includes frequently purchased items and basic goods found in the everyday shopping basket.