GFM: the online price monitoring system already reduced food inflation by 2 percentage points

By: Trademagazin Date: 2023. 07. 28. 14:19

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With the professional support of the Ministry of Economic Development (GFM), the Economic Competition Office (GVH) successfully launched the online price monitoring system on July 1, 2023. The purpose of the price monitor is to help consumers make decisions by displaying the daily sales price of individual food products, and to push prices down through increasing market competition, thus contributing to the speedy elimination of sanctioned inflation and the protection of families.

In its statement on Friday, the GFM informed that the data showed the effectiveness of the price monitor even from the beginning, after the start of the system, the affected supermarket chains definitely reduced their prices for many products. This is confirmed by the daily flood data provided week after week. In the past week, the average prices of 32 of the 62 product categories that must be supplied to the online platform continued to decrease: the prices of tomatoes, oranges, cucumbers and apples decreased the most.

Between July 1 and July 26, 2023, the average prices of products decreased in 53 out of 62 product categories. In the case of the products of the 62 product groups, the average prices decreased by an average of 7.4 percent, which can reduce inflation by almost 0.7 percentage points and food inflation by around 2 percentage points, taking into account the weights of the CSO inflation consumer basket.