In November 2022, the centre-right New Democracy government introduced the household basket, requiring major supermarket chains to keep prices low on more than 50 categories of essentials. These included bread, pasta, rice, dairy products, cleaning materials and baby food. Relevant items were highlighted clearly in stores, and the list was updated weekly.
Originally presented as a temporary tool, the programme has been extended repeatedly because of ongoing inflation – most recently due to concerns about conflict-related price spikes. It has become a central part of the country’s strategy to stabilise living costs, along with related measures including profit caps in the fuel sector.
What distinguishes the Greek model is how it combines regulation with consumer access to information via a digital platform. Large supermarket chains are obliged to publish the prices of their basket items online.
Once placed on the list, an item’s price cannot rise for seven days, though it may fall at any time. Retailers face fines of up to €5 million (£4.3 million) for violations. The scheme also requires supermarkets to submit supplier price lists, giving regulators insights into where mark‑ups occur.
While price controls may not always please retail and other sectors, they are becoming more common. Many countries have been experimenting with ways to contain the cost of living, as practical tools to stabilise inflation and support citizens during unpredictable economic shocks.
Greece’s experience shows that such measures can be structured, transparent and enforceable. It also demonstrates that price controls need not be limited to one political tradition. They have been deployed by governments across the ideological spectrum when faced with inflationary pressures.
theartofmadeline
origamiaround
pixelskylines
snowghoul
baratheonpilled
ellievsbear
discoholicmusic
