Greece accuses multinationals of ‘greedflation,’ expands price controls to baby formula

ATHENS, Greece (AP) — Greece’s center-right government has announced price controls on baby formula, accusing multinational suppliers of “greedflation” by imposing unjustifiably high prices on the country’s consumers. A 7% profit cap on formula will take effect in March and follows a series of similar initiatives over the past two years for basic items. Inflation in countries using the shared euro currency increased to 2.9% in December after a seven-month decline, with the Greek rate swinging higher to 3.7%.