Development ministry sets up a Price-Control Service

Sources: ΝΕΤ, ΝΕΤ 105.8
The service will be set up immediately at a time when Europe is in the tumult of surging oil prices and inflation having hit the last decade’s record in May reaching 3.7% EU member states are meeting in Brussels on Wednesday to discuss a number of measures in the support of low-income earners and ways to keep the cost of living low.

Development Minister Christos Folias announced the setting up of the Service immediately after the end of the Inner Cabinet meeting. During the meeting, Mr Folias and Deputy Development Minister Giorgos Vlachos briefed the attendants on the reorganization of the checks services within the framework of 41 measures launched against the high cost of living. Mr Folias stated that the service would be set up the soonest possible, while in reply to a question as to whether the government will pay low-income earners a heating oil allowance; Economy Minister George Alogoskoufis said that when the Poverty Fund is ready he will be able to answer the above question.

International Concern
The rising oil prices, which have also been affecting the prices of other products, sent inflation in the eurozone to 3.7%, a development that has raised great concern within the EU. European leaders are meeting in Brussels on 19 June to discuss ways of offering support to low brackets and keeping prices down. Meanwhile, following yesterday's record oil prices at $US140 per barrel in Asian markets, oil is presently trading at $US134.48 per barrel. Greece comes third in terms of expensive oil after Holland and Italy, while profiteers have sent commodity prices to the sky since the beginning of the year, implementing a 48% increase.