We ensure basic products for the most vulnerable,” the Minister of Development, Adonis Georgiadis, told state broadcaster ERT on the occasion of the start of the implementation of the measure for the “household basket” on November 2.
In a comprehensive discussion, Mr. Georgiadis emphasized that the household basket will be renewed weekly while consumers can electronically learn about the prices, through a relevant digital application of the Ministry of Development.
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Georgiadis clarified that every supermarket chain sends the prices to the ministry on a daily basis and selects the products that will be included in the basket that will have lower prices compared to the corresponding branded products.
We’ll let the competition do the work
The minister noted that each chain can follow its own policy, stressing that the competition will work things out. That’s why it was approved by the Competition Commission.
As he said, the household basket will gain a lot of momentum once people understand how it works.
Speaking about the initiative to limit food inflation, Mr. Georgiadis emphasized that “price increases are not a product of profiteering, but of global inflation”.