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Economy

Greek Dairy Company Says Companies Profiteering, Faking Shortages

ATHENS – One of Greece’s biggest dairy companies, Kri Kri, has repeated allegations that competitors are gouging customers with unjustified prices hikes for raw materials and packaging and faking shortages to push up demand.

Kri Kri chief Panagiotis Tsinavos said the Hellenic Milk Institute was notified in April among animal feed prices tied to production of milk and dairy goods but looked the other way and has let it happen, said Kathimerini.

“The profiteering continues, there has been no intervention. There were no checks on stocks or prices. The market will find its balance by itself, because there will be a reduction in consumption,” he stated.

The New Democracy government earlier said it wouldn’t allow gasoline station operators and oil companies to arbitrarily milk customers with unjustified prices but hasn’t intervened with the dairy companies.

Greek households are being hammered with prices hikes for food – the government didn’t move as pledged to reduce the 24 percent Valued Added Tax (VAT) imposed in supermarkets and stores – and costs are soaring as well for energy and electricity bills, forcing the government to provide subsidies.

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