GFM: in September, the average price of foodstuffs observed in the price monitor decreased in 34 product categories

By: Trademagazin Date: 2023. 09. 18. 13:35

The price monitoring system, which was established with the professional cooperation of the Economic Development Ministry (GFM) and the Economic Competition Authority (GVH) in order to break inflation and protect families, has been in operation for two and a half months – the ministry recalled in its statement on Friday.

The online platform currently enables the comparison of consumer prices for 62 food product groups, thus helping customers make decisions and encouraging market competition in the domestic retail sector.

The price monitor proves to be an effective tool in reducing prices, since the average prices have decreased by an average of 6.8 percent in 54 of the 62 product categories since its launch. The decrease in prices since the beginning of July could have reduced 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, they said.