x

Economy

Greece Setting Profit Caps to Stop Business Gouging on Food, Fuel

ATHENS – Businesses in Greece raising prices to take advantage of the worldwide economic fallout of Russia’s invasion of Ukraine will be reined in under a cap on gross profit margins on food, fuel and other consumer goods.

The Development Ministry made the move to stop gouging and limit how much businesses can make during a time when inflation in January hit 6.2 percent and energy prices were going through the roof.

Sanctions on Russia are driving up the prices to levels that put some goods, especially fuel and food, out of reach for many households struggling during the lingering COVID-19 pandemic.

Inflation in Greece is at its highest rate in some 21 years, mostly because of the energy costs, with electricity bills jumping 189 percent in a year at a time when prices for staple items have also soared, as well as traded commodities.

Greece plans to legislate gross profit restrictions on goods or services essential for health, food, transport and safety that will kick in when the per unit margin exceeds the figure before Sept. 2021, said Kathimerini.

“I don’t want to tell people lies. The coming period won’t be easy in terms of prices,” Development Minister Adonis Georgiadis told Greek radio, pointing to a recent jump in oil and gas prices.

Authorities will step up inspections and impose fines once they uncover profiteering, he added but there were no reports of instances of where it may have happened in Greece.

The measure will be in in place until the end of June, the government also pouring in aid and subsidies to help businesses and workers affected by previous lockdowns and the ongoing effect of the pandemic which has now begun its third year.

RELATED

ATHENS - Greece confirmed 3,190 new coronavirus infections in the last 24 hours, the National Public Health Organization (EODY) said on Saturday, bringing all confirmed infections since the pandemic began to 3,442,963 (daily change: +0.

Top Stories

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

General News

PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.

Video

Mission…To The Holy Land – A TNH Documentary by Clelia Charissis

This past Easter season, this great feast, Pascha for Greek Orthodox Christianity and Passover for Judaism, found us during Holy Week in the Holy Land, at the Gate of Worship.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.