GVH: the online Price Monitor will be one year old on Monday

By: Trademagazin Date: 2024. 06. 28. 10:45

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On July 1, it will be one year since the online price monitoring system operated by the Economic Competition Authority (GVH) went live, the platform was created by the competition authority and the Hungarian government with the aim of increasing the intensity of competition in the retail market by making prices comparable, and contribute to breaking inflation – the GVH drew attention in a statement sent to MTI on Friday.

It was pointed out that the KSH’s data confirm that the Price Monitor has fulfilled the hopes attached to it, the increase in the price of food has practically been reduced to zero, and consumers have been able to save money and time.

The system will keep prices under control even after the first of July – after the introduction of mandatory promotions – and will continue to protect Hungarian families – they write in the announcement.

They recalled that food inflation peaked at 44.8 percent in December 2022. The Economic Competition Authority launched several accelerated sectoral investigations on the food markets, and already in the autumn of 2022 it started a series of consultations to deal with market disturbances as soon as possible. Based on these, GVH experts made a number of proposals for legislators and market participants. Balázs Csaba Rigó, the president of GVH, proposed to the government the creation of an online price comparison system. As a result of the joint work that lasted for three months, the online Price Monitoring system, available at www.arhiyelo.gvh.hu, went live on July 1, 2023.