GFM: the online price monitor effectively helps reduce food prices
In addition to the professional support of the Ministry of Economic Development (GFM), the Economic Competition Office (GVH) launched the online price monitoring system on July 1, 2023. Based on the experience of the past more than a month, the price monitor has proven to be extremely effective and has generated price competition among the largest store chains, which to a significant extent offset the effects of the removal of the price cap applied to certain basic foods from August 1, the ministry emphasized in its statement on Friday.
Since the start of the system, the average prices of products have decreased in 52 out of 62 product categories. The average prices of the observed product groups decreased by an average of 6.5 percent as of August 9, which may have had the 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.
Since July 1, 2023, vegetable prices have fallen the most, so new potatoes for eating have become cheaper by more than 45 percent, green peppers by nearly 37 percent, tomatoes by 25 percent, and garlic by 22 percent. At the same time, the price of eggs also decreased by more than 27 percent, and the price of spaghetti and apples decreased by more than 15 percent since the start of the price monitor.
Related news
The GVH is preparing investigations into the food trade.
According to the online Price Monitor operated by the Hungarian…
Read more >GKI Analysis: Why are food prices constantly rising?
In recent times, the rise in the prices of basic…
Read more >Solutions to soaring food prices: opposition proposals to reduce VAT and special taxes
In recent months, the debate over the drastic increase in…
Read more >Related news
László Flórián will manage Praktiker from April
A new CEO will manage the Hungarian-owned, nationwide DIY chain…
Read more >Rising prices of services are driving inflation – not food
Although food prices continue to be the focus of public…
Read more >MLBKT: BMI indicates further recovery in March
The seasonally adjusted March value of the Purchasing Managers’ Index…
Read more >