Takis Theodorikakos previewed price cuts of up to 25% on basic products ahead of Christmas 2026, with the list of products still being prepared and due to be announced in the coming period.
The minister said price reductions on 1,740 product codes averaged about 9%, and that the initiative will continue and be enriched until the end of the year.
The minister said the profit-margin cap on thousands of product codes will be extended until the end of the year, while accounts differ on whether the government had decided in June to withdraw the measure.
The ministry and the Independent Authority for Market Control and Consumer Protection are developing a method, using artificial intelligence, to separate justified price increases from unjustified ones.
Development Minister Takis Theodorikakos previewed a new package of basic products for the holidays, with price cuts of up to 25% on essential goods ahead of Christmas. He made the remarks in an interview with ERTnews on the evening of 12 October 2026, and the package is still in preparation. Details of the products on the new list will be announced in the coming period. The minister said the aim is to keep the holiday basket affordable for all households and to prevent unjustified price rises. He asked for closer work with the market to reach that goal.
“I have asked that we proceed with an extensive cooperation with the market, so that close to the holidays there is an even larger package of basic products that we all use at Christmas and New Year.”
The initiative already in place covers 1,740 product codes, where price reductions averaged about 9%, the minister said. According to NewsIT, the price-cut initiative has been in effect since the end of August, and the ministry is working with food retail and industry executives on it. He said the initiative will continue and be enriched until the end of the year, with products that no longer have seasonal demand, such as school supplies, replaced by new codes. The agreement was reached at a meeting chaired by Prime Minister Kyriakos Mitsotakis, with representatives of the food industry, the SEB federation and supermarket chains, according to the minister. He said the government feared a price surge in July and August from higher tourist demand, and that the agreement was meant to keep prices stable over the summer.
The minister said the profit-margin cap on thousands of product codes will be extended until the end of the year. Accounts of the cap differ, since he also said the government had decided in June to withdraw the measure before the meeting under the prime minister produced the agreement. He ruled out reinstating a cap as a new tool, and described his stance in these words:
“I did not talk about a cap. I applied the cap, and with very great strictness and intensity. I do not want us to return to it, because it creates distortions and problems in the market. But we have to find a way for there to be justice.”
For the new approach, the ministry and the Independent Authority for Market Control and Consumer Protection are seeking a method that will separate justified price increases from unjustified ones, and artificial intelligence will be used in that effort. The authority's proposals are being examined with particular care and will be put before the government and the prime minister, the minister said. He also called for a strong consumer movement that identifies and exposes unjustified price increases.
Citing Eurostat data, the minister said food inflation was negative in July and September and roughly zero in August. He linked the broader price pressure to the two wars under way and to the energy crisis. He urged businesses to lower their average profit margin to help absorb the effects of the international crisis, saying:
“It is not possible, in the midst of such great pressures, for some to be satisfied with huge profits while a part of society faces huge hardships.”
He also said the longer-term answer combines a more productive economy that pays better wages with effective market control, so that the market is as fair as possible.
The ministry has warned businesses that unjustified price increases will not be tolerated, and any measures must stay within fiscal rules. The Christmas package and the expanded list of discounted products will be announced in the period ahead, while the profit-margin cap and the agreement run to year-end. Separately, NewsIT reported that announcements on a heating oil intervention were expected on 14 October 2026.
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Development Minister Takis Theodorikakos said Greece is preparing a holiday package of basic products, and that the profit-margin cap on thousands of product codes will be extended to the end of the year.
AI text based on reports by Ειδήσεις, iefimerida.gr, Η Ναυτεμπορική and other publishers. Published .