Law 5082/2024 (GG’ A 9/19.01.2024) was published on 22.01.2024 and introduces several new measures for transparency in the market of consumer goods, following the announcements for these new measures made by the Ministry of Development recently.
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The measures which are now codified in Article 38 of the new law titled “Rationalisation and price transparency” can be summarised as follows:
1. As from 10.01.2024, the consumer goods for which a price increase is announced as provided by virtue of article 15 of Greek law 5055/2023, cannot participate in any promotional activity for three (3) months as from the date that such price increase became effective.
This measure applies until 31.12.2024 and its scope is to ensure more transparent prices, as well as honest communication of the prices to consumers, with the aim of reducing them, through the rational operation of the price mechanism of the free competitive market.
2. As from 01.03.2024, the wholesalers that sell several products –to be specified by virtue of a Ministerial Decision– should reduce their initial price, i.e., the price before any discounts, credits or other allowances. Such reduction should be equal with at least 30% of the total sum of the respective credits, discounts or other allowances which were granted to the retail market during 2023 on the basis of the initial price of the products as this was formed on 31.12.2023.
Said provision seeks to substantially reduce the prices of certain categories of products in which the phenomenon of artificially inflated initial prices is observed which favours profiteering and non-transparent product pricing practices, without hindering the implementation of discounts or offers or other promotional activities, as long as these are honest and in line with national and EU legislation.
3. The entities, which produce or trade raw meat, fish, fruits and vegetables, should sell such products in ‘net prices’, i.e., without any discounts/ offers/credits/ accruals, which cumulatively exceed 3% οf the sale price before the relevant discounts/ offers/credits/ accruals.
The purpose of this measure is to establish transparency throughout the supply chain.
Fines
The fines imposed to the entities/traders that breach the above measures can be up to EUR 2,000,000 – fine that is extremely high in comparison with the similar fines imposed in breach of the relevant measures regarding market regulation until today – while the entities which conceal the details/data asked by the competent control authorities may face a penalty up to EUR 1,000,000.