Greece Locks In Summer Price Freeze as Emergency Profit Cap Expires

Greece's Development Minister Takis Theodorikakos has announced a freeze on supermarket shelf prices through the summer, alongside plans for deeper cuts to staple goods from September, after a meeting at the Maximos Mansion chaired by Prime Minister Kyriakos Mitsotakis with industry representatives.

The announcement comes as the government's emergency profit cap measure, imposed to curb runaway grocery prices, formally expires on 30 June.

Mr. Theodorikakos said the winding down of conflict in the Middle East is easing global

Crucially, businesses agreed to maintain existing discounts on roughly 2,000 product codes — items that saw prices cut by 6% under the strict enforcement of the now-expiring profit cap — keeping those reductions in place throughout the summer even after the formal measure lapses.

"The end of the war in the Middle East is leading to a normalisation of oil prices and, consequently, to an easing of the international inflationary pressures that have built up in recent months," Mr. Theodorikakos said, adding that today's stabilisation is intended as a bridge to something larger.

From early September, the government plans to unveil what it is calling a "national social agreement" — a coordinated push for substantial price reductions on basic consumer goods widely used by the average Greek household. "Our goal is to protect consumers," Theodorikakos said.

The minister stressed that addressing the cost-of-living crisis remains a top priority for the government, with Mr. Mitsotakis personally chairing negotiations with industry.

While the emergency cap itself is lifting, officials are framing the summer freeze and the autumn agreement as a continuation of the same effort — replacing a blunt regulatory tool with a negotiated commitment from retailers themselves.

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Greece's Development Minister Takis Theodorikakos has announced a freeze on supermarket shelf prices through the summer, alongside plans for deeper cuts to staple goods from September, after a meeting at the Maximos Mansion chaired by Prime Minister Kyriakos Mitsotakis with industry representatives.

The announcement comes as the government's emergency profit cap measure, imposed to curb runaway grocery prices, formally expires on 30 June.

Mr. Theodorikakos said the winding down of conflict in the Middle East is easing global oil prices and the inflationary pressure that has built up in recent months, and that supermarket and industry representatives had committed to holding prices steady over the summer with no new increases.

Crucially, businesses agreed to maintain existing discounts on roughly 2,000 product codes — items that saw prices cut by 6% under the strict enforcement of the now-expiring profit cap — keeping those reductions in place throughout the summer even after the formal measure lapses.

"The end of the war in the Middle East is leading to a normalisation of oil prices and, consequently, to an easing of the international inflationary pressures that have built up in recent months," Mr. Theodorikakos said, adding that today's stabilisation is intended as a bridge to something larger.

From early September, the government plans to unveil what it is calling a "national social agreement" — a coordinated push for substantial price reductions on basic consumer goods widely used by the average Greek household. "Our goal is to protect consumers," Theodorikakos said.

The minister stressed that addressing the cost-of-living crisis remains a top priority for the government, with Mr. Mitsotakis personally chairing negotiations with industry.

While the emergency cap itself is lifting, officials are framing the summer freeze and the autumn agreement as a continuation of the same effort — replacing a blunt regulatory tool with a negotiated commitment from retailers themselves.

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