Measures designed to control high prices are to be extended until the end of 2024 by an amendment submitted to Parliament on Monday by Development Minister Takis Theodorikakos, while fines for violating laws on the gross profit margin cap will quintuple and fines for violating a ban on promotions will triple, ANA reports.
The profit cap measure fixes the gross profit margin for each business from the sale of basic goods to that which existed before December 31, 2021. The maximum fine for violations is raised from one million euros to five million euros.
Similarly, the maximum fine for violating the restriction on promotional offers and discounts following a price hike has increased from two million to six million euros.
There is also an extension of the ‘Household Basket’ measure, the supermarkets’ obligation to notify the ministry of supplier price increases, the obligation to announce indicative prices for fresh fruit and vegetables, and a cap on the price of infant formula.
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