Supermarkets will be asked to try to absorb price hikes, Georgiadis says

Development and Investments Minister Adonis Georgiadis on Thursday revealed that he intends to ask supermarket chains to do their utmost to absorb price increases and not pass them on to consumers, while speaking on Skai television. He said a meeting with representatives of the sector was planned later in the day, and noted that the more competitive businesses had a chance to increase their customer base by keeping prices low.

Georgiadis said that wave of price increases was an “imported inflation” resulting from increased prices for “nearly everything” worldwide. He noted that aluminium prices rose to record levels on Wednesday while the cost of getting a shipping container from China had increased ten times and the prices for oil, natural gas, corn and coffee had risen worldwide.

He predicted that this sharp global rise in prices will last until Christmas, based on the forecasts made by economists, while stressing that the government will not allow anyone to profit unfairly. He noted that a law that does not allow profit margins to increase more than during the pre-pandemic period remains in effect until the end of the year. “Therefore, we have the legislative tools and we are carrying out inspections and imposing fines,” he added.