Greece Imposes Price Controls on Baby Formula Amid 'Greedflation' Accusations

The move follows a series of similar initiatives and comes as the country battles high inflation, with the Greek rate reaching 3.7%.

Greece's center-right government has announced price controls on baby formula, accusing multinational suppliers of imposing unjustifiably high prices.
A 7% profit cap on formula will take effect in March, following a series of similar initiatives over the past two years for basic items.
Prime Minister Kyriakos Mitsotakis accused major supermarket suppliers of exploiting high inflation to further increase prices.
Inflation in countries using the shared euro currency increased to 2.9% in December, with the Greek rate swinging higher to 3.7%.
Greek authorities have recently imposed fines of up to 1 million euros on major international companies they said had violated government-imposed caps on profits.