Lower prices will show up on supermarket shelves as of early March, from the government's new measures, Development Minister Kostas Skrekas said on Skai radio on Wednesday.

Skrekas said the new measures will be voted on this or next week and companies will be provided a few days to correct their price lists.

The shelf prices before and after the cuts will also be released to the public, he said.

Commenting on the inflated food prices, the minister said that the government has taken action on it and expects prices to deescalate.

Regarding high prices for infant formula in Greece, Skrekas said that the government wants to approach the European average on pricing, so it will place a cap on the margin of profit.

Authorities are continuing inspections for unfair profits, and "will not hesitate to announce fines, as we are already doing anyway," he underlined.