Greek government slams 'greedflation' while levying baby formula price controls
Center-right PM Kyriakos Mitsotakis accused suppliers of using inflation rates to justify exorbitant price hikes
{{#rendered}} {{/rendered}}Greece’s center-right government announced price controls on baby formula Wednesday, accusing multinational suppliers of imposing unjustifiably high prices on the country’s consumers.
A 7% profit cap on formula will take effect in March and follows a series of similar initiatives over the past two years for basic items.
Prime Minister Kyriakos Mitsotakis accused major supermarket suppliers of taking advantage of high inflation to further hike prices.
{{#rendered}} {{/rendered}}TURKEY HIKES KEY INTEREST RATE IN BID TO STEM INFLATION
"The battle to tame high prices and to impose more competition rules in favor of the consumer is a constant battle," Mitsotakis told his ministers in a televised address.
Greek Prime Minister Kyriakos Mitsotakis appears at a press conference with Cypriot President Nikos Christodoulides, not pictured, in Nicosia, Cyprus, Monday, July 31, 2023. (Yiannis Kourtoglou Pool via AP)
"We are constantly deploying new policy tools until everyone – especially the multinational companies – understands that Greece is not a banana republic and that ‘greedflation’ cannot be tolerated."
{{#rendered}} {{/rendered}}Inflation in countries using the shared euro currency increased to 2.9% in December after a seven-month decline, according to an official estimate, with the Greek rate swinging higher to 3.7%.
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Greek authorities in recent months have imposed fines of up to 1 million euros on major international companies they said had violated government-imposed caps on profits.