Further to the provision of art. 54 of Law 5045/2023 regarding measures against unfair profitability, recently adopted Law 5055/2023 (Government Gazette A' 161/29.09.2023) introduces two new regulations concerning enterprises producing or wholesaling consumer products supermarkets and selling consumer goods, which come into force until 31 May 2024.
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The "Price Increase Notice"
Pursuant to the new regulation introduced by article 15 of the new law, supermarkets whose total annual turnover exceeds EUR 90,000,000, based on their 2022 financial statements, are required to announce to the Ministry of Development any price increase in the purchase price from a supplier of consumer goods that are necessary for decent living or are in high demand. The list of these 66 products is currently specified by Ministerial Decision No. 80372/8.9.2023. An undertaking that conceals, falsifies or fails to provide such notifications is threatened with an administrative fine of EUR 50,000. The purpose of the regulation is both to control unfair profiteering throughout the supply chain of products distributed by supermarkets to the consumer and to monitor the evolution of wholesale prices of products in order to design public policies to address market imperfections.
The "Permanent Price Reduction"
Subsequently, under article 16 of the new law, it is stipulated that enterprises producing or wholesaling consumer products to supermarkets, whose total annual turnover exceeds EUR 90,000,000 may participate in the "Permanent Price Reduction" initiative if they inform the Ministry of Development in writing by 30 November 2023 of their commitment to offer products at a reduced price. The products concerned will be clearly marked with a special sign on the shelves of the retail shops where they are offered to the final consumer, which will be placed by the shops themselves. In case of non-compliance with the commitment to a reduced price by the production or wholesale marketing undertakings, a fine of EUR 50,000 per product code is imposed, while administrative fines are also imposed in cases of misleading and false use of the special mark concerned.
The price reduction by the production or wholesale trade enterprises of consumer products to food supermarkets must be in relation to the last supply of products to supermarkets, which is set until 19 September 2023, excluding promotional activities, by at least five percent (5%) reduced, for the next six (6) months from the time of sending the written commitment to the Ministry of Development.