GVH: Food inflation has not been as low as in February 2024 in seven years

By: Trademagazin Date: 2024. 03. 08. 13:08

In the second month of 2024, consumer prices were on average 3.7% higher than a year earlier, and food inflation was even lower, at 2.2%. In addition to government and central bank measures, the online Price Monitoring system operated by the Economic Competition Authority (GVH) also contributed to favorable processes in terms of the rise of real earnings and the restoration of economic growth.

The latest KSH 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, the increase in food prices fell by less than one-twentieth in just 14 months, thanks to targeted government measures, the actions of the central bank, as well as the active interventions of the Economic Competition Authority, our investigations and proposals to stimulate competition, including the online Price Monitor system. The latest data also show that the monthly food price increase of 2.2 percent measured on an annual basis in February 2024 has not been this low for nearly seven years (the last time it was lower was in April 2017, when it was 1.9 percent). According to the latest data from the KSH, in a year-on-year comparison, the price of flour decreased by 19.6 percent, eggs by 19.1 percent, cheese by 15.6 percent, butter and butter cream by 15.3 percent, dry pasta by 13.4 percent, and milk by 11.2 percent. . At the same time, there was an increase in sugar (32.8 percent), chocolate and cocoa (14.4 percent), non-alcoholic soft drinks (12.7 percent), buffet goods (12.2 percent), and pork (9.4 percent). .