GFM: the price of food included in the price monitor has decreased by an average of 7 percent since its launch

In a statement, the ministry recalled: with the professional support of the GFM, the Economic Competition Office launched the online price monitoring system on July 1, 2023 in order to break down inflation through increasing market competition and protect families from further increases in food prices.

The effectiveness of the price watcher is shown by the fact that in the past month and a half, it has generated price competition among the largest store chains, as a result of which the average prices in 54 of the 62 product categories have decreased by an average of 6.7 percent since its launch. The decrease in prices since the beginning of July could have had an effect of reducing inflation by more than 0.5 percentage points, and food inflation by about 1.8 percentage points, taking into account the weights of the CSO inflation consumer basket, the ministry indicated.