Pricing
Skrekas announces price cuts on 233 supermarket products
Development Minister Kostas Skrekas announced on Wednesday a list of 233 products that have so far been included in the permanent price reduction measure, which aims for more affordable grocery pricing. The price cuts starting from 5% and reaching up to 23% will be implemented for six months.
Multinationals under scrutiny over pricing
The Competition Commission and the competent agencies of the Ministry of Development are investigating the pricing policies of multinational companies in the local market, as it is found that many products are sold in Greece at much higher prices than in other European countries with far greater purchasing power.
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Serbia Freezes the Price of Gas
The price of gas for consumers in Serbia will be frozen until May 2024 at the level that will apply from November 1 this year, the Belgrade newspaper "Danas" reports today.
In case of sudden changes in the market, the government will cover the difference for manufacturers and importers from the national budget.
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Turkish olive oil producers face challenges amid export ban
Olive oil producers in Türkiye are facing multiple challenges, including the risk of losing their markets amid turmoil in the global olive market and a ban on exports.
The price of olive oil has been on the rise globally, skyrocketing more than 100 percent, due to drought in European countries and a ban the Turkish government introduced on exports in August.
Inflation climbs to 2.7% and is set to rise further
For the second month in a row, the general price index headed higher. Inflation rose to 2.7% in August from 2.5% in July as food prices remained steep, fuel prices strengthened, while increases were recorded in a range of services including transport, dining and health.
No sign of food price rise abating
Only a decline in consumption, which could lead to an economic recession and signal the entry of the Greek economy into a new vicious cycle, can now lead to a reduction in food prices.
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Istanbul introduces regulation to control school bus fees
Istanbul Municipality's Transportation Coordination Center (UKOME) has approved a new regulation aimed at curbing the soaring school bus fees, ensuring that prices remain in line with the tariff set by the center.
Food prices soar in Cyprus
In July, the Prices Observatory conducted by Cyprus' Consumer Protection Service (CPS) recorded increased prices for 32 out of 45 categories of staple foods.
There were price deductions for 13 staple food categories. However, there was an overall price hike of 1.21% compared to the previous month. This was attributed to increased prices of fresh and processed agricultural products.
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Regulation in progress to curb soaring maintenance costs
Three ministries are working on a regulation to prevent the imposition of exorbitant maintenance fees in residential complexes and will soon present it to the parliament, a sector representative has said.
Olive oil adds to inflation concerns
Compounding worries that prices of grains and fuels will help drive inflation higher are indications that olive oil, especially, but also sunflower oil will become far more expensive.
EU olive oil production this year is expected to be 40% lower than last year, and Turkey's decision to block exports until the November harvest will further depress supply.
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