ECONOMY

Government may reduce VAT in some products to contain surging costs

government-may-reduce-vat-in-some-products-to-contain-surging-costs

The Greek government is considering reducing the VAT on a number of products to contain price hikes, Development and Investment Minister Adonis Georgiadis said Monday.

“We are working to see where we are going to have the biggest increases in the next period, to see…if it is possible to intervene in certain items through taxation so that we can alleviate this inevitable inflation wave,” Georgiadis said in an interview with Mega TV late on Monday.

“We all realize that the next two to three months will be difficult in terms of costs.”

On Monday, the ministry held a teleconference with representatives of the supermarkets to discuss price increases in widely used products, while it will also hold a teleconference with major food industries ahead of January 13, when the Hellenic Statistical Authority (ELSTAT) is scheduled to release data on inflation for December.