GFM: The online price monitoring system will start on July 1

In its statement, the department said that due to the war and the failed sanctions, energy prices have skyrocketed, supply chains have been damaged and transportation costs have increased. This led to an unprecedented wave of inflation throughout Europe and significantly increased the price of food.

In order to protect families, pensioners, jobs and full employment, the government’s goal is to break the sanctioned inflation and curb the further rise in food prices, the GFM emphasized. They reminded: the government has already decided on 20 measures to reduce sanctioned inflation. The measures are working, inflation already peaked in January and started to decrease, and the drop in food prices started even earlier, in December, and the store chains are now bidding on each other to announce the discounts, the announcement states.

In order to further reduce food prices and increase competition in the retail trade, the government decided on additional measures: from June, it imposed mandatory promotions on retail stores, and, accepting the anti-competitive proposal of the President of the Economic Competition Authority, it decided to introduce an online price monitoring database, they explained.