GVH: the online Price Monitor also contributed to another decrease in food inflation

By: Trademagazin Date: 2023. 12. 08. 12:17

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Food inflation, measured on an annual basis, fell by more than 3 percentage points to 7.1 percent in November, the Central Statistical Office (KSH) announced on Friday. The effectiveness of the online Price Monitor operated by the Economic Competition Authority (GVH) is proven by the fact that, since its launch on July 1st, out of the 62 product categories monitored – which means around 1,200 different food products on a daily basis – average prices have decreased in 50 product categories. The Price Watcher will soon add another 18 product categories, which families can use to save money and time during Christmas shopping.

The Central Statistical Office (KSH) announced on Friday that inflation decreased from 9.9 percent in October to 7.9 percent in October in an annual comparison. Compared to the data of the previous year, the increase in food prices in November was 7.1 percent, which is another decrease compared to the 15.2 percent measured in September and the 10.4 percent measured in October.

The data published on Friday also show that the annual inflation of food products is decreasing month by month. Compared to the peak of 44.8 percent in December 2022, in June 2023 it was 29.3%, in July 23.1%, in August 19.5%, in September 15.2%, in October 10.4%, and in November 7.1% the rate of increase in food prices compared to the values of a year earlier.

All this supports the fact that since the online Price Monitoring system operated by the Economic Competition Authority has been available to customers, food inflation has dropped by less than a sixth. The effectiveness of the Price Monitor is proven by the fact that, since its inception, the average prices in 50 of the 62 product categories monitored have decreased, on average by nearly 6 percent.