GFM: the price monitoring system will be expanded with new user-friendly functions next week, the free shopping list can further increase market competition

By: Trademagazin Date: 2023. 08. 25. 12:18

With the professional support of the Ministry of Economic Development (GFM), the Economic Competition Authority (GVH) launched the online price monitoring system on July 1, 2023, which enables transparent comparison of consumer prices for 62 food product groups, and at the same time significantly increases market competition in the domestic in the retail sector, thus preventing overpricing in order to protect families and helping to break the inflation caused by the war and sanctions – reminded the GFM in its statement on Friday.

The effectiveness of the price monitor is clearly demonstrated by the fact that the average prices in 50 product categories out of 62 product categories have decreased by an average of 6.9 percent since the start of the system. The decrease in food prices could have had an inflation-reducing effect of 0.6 percentage points, and food inflation of about 1.9 percentage points, taking into account the weights of the CSO’s inflationary consumer basket.

From the first of July, the price of eggs fell by more than 29 percent, and the average price of spaghetti and vegetables by more than 17 percent. The prices of kale, cabbage, green peppers and garlic decreased by 25-30 percent, while those of tomatoes decreased by more than 40 percent. Margarines became cheaper by almost 16 percent and flour by 12 percent on average as a result of the price competition. In terms of meat, the price of turkey breast fillets fell the most, by an average of 12 percent, but chicken wings, for example, also cost 9 percent less than at the beginning of July.