GVH introduces the online price monitoring system, which makes different pricing practices transparent

By: Trademagazin Date: 2023. 03. 23. 23:50

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By setting up an online price monitoring system accessible to consumers, the government and the Economic Competition Authority would moderate the record high inflation in European comparison. The system, which is expected to start in June, will initially be suitable for comparing food prices, and will be expanded later. According to the authority, transparency increases market competition, promotes a transparent pricing policy and prevents overpricing.

Based on the experience of ongoing investigations due to the record-breaking rise in food prices, Balázs Csaba Rigó, president of the Economic Competition Authority (GVH), initiated the creation of an online price monitoring database at the government. Economic Development Minister Márton Nagy has already indicated that he supports the pro-competitive and inflation-reducing proposal. The GVH and the Ministry of Economic Development will establish a joint working group in order to have the system operational by the end of the second quarter.

According to Napi.hu, the competition office recalled in its announcement: the rapid rise in food prices throughout Europe is causing difficulties for the population and all actors of economic life. In order to protect families, the economy and market competition, the competition authority and the government must take all possible means to reduce inflation to single digits by the end of the year.