According to the GVH, Hungarian families saved almost HUF 20 billion in three months thanks to the online price monitor

Based on the research institute’s modeling, the most significant and monetary effect of the system could be measured during the winter months. Between December 2023 and February 2024, the online price monitor reduced food inflation by an average of 1.45 percentage points. During the three months under review, this represented HUF 19.4 billion in savings for Hungarian households, the review highlighted.

They recalled: the Economic Competition Office – in close cooperation with the Hungarian government – activated the online price monitoring system on July 1, 2023. The price comparison website was launched by the national competition authority and the government with the aim of contributing to reducing inflation and food inflation, which was still significant at the time.

In its research published on Wednesday, the Makronóm Institute quantified the role of the online price monitor operated by GVH in the successful suppression of inflation.

According to the research institute’s calculations using a synthetic control method, compared to the July 2023 base, food inflation was 1.11 percentage points lower in February 2024 as a result of the operation of the system. During the study, the effect of the price monitor was measured for a total of 21 food products classified into sub-categories.

According to their results, the system significantly contributed to the reduction of prices in two-thirds of the product groups – 14 sub-categories.