From 31 August, price cuts on basic supermarket products will come into effect and are expected to remain in place at least until the end of the year.
The list of products included in the initiative has largely been finalised, with the agreed price reductions averaging around 7% so far, according to ERTnews.
According to market sources, suppliers are offering price cuts of around 5%, while supermarkets are adding a further reduction of about 1.5% to 2%, increasing the overall savings for consumers.
The agreement includes meat, dairy products, eggs, pasta, baby food, coffee, detergents and school supplies, among other products.
The list has not yet been fully finalised and is expected to expand over the next ten days. The Ministry of Development estimates that another 200 to 300 product codes could be added by 31 August.
Around 1,100 product codes are currently included. If the additional products are added as expected, the total could reach as many as 1,500.
The Ministry of Development also reports significant interest from businesses. Around 60 suppliers have expressed interest in joining the initiative, with another four to five expected to follow.
Source: ERTnews
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