Márton Nagy: the online price monitoring system and the mandatory promotion will help to reduce inflation to single digits by the end of the year

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He added: they are constantly reducing the sanctioned inflation, several measures have already been introduced for this purpose. From June 1, the mandatory promotions will start, so every week customers will have a grocery basket of 20 products at a discounted price in the given store, which they can buy cheaper than before. And from July 1, the online price monitoring system will be launched, which will make the most favorable prices available to everyone on a daily basis and in each store for more than 60 product ranges. In the index’s article, he wrote that the government’s online price monitoring database, which will be operated by the Economic Competition Office, will start on July 1; traders who closed the previous business year with a net sales of more than HUF 100 billion will have to update the prices of more than sixty types of food every day. According to the article, this means that the government’s price-cutting miracle weapon will be activated by the summer. The news portal recalled: on March 23, the Ministry of Economic Development (GFM) announced that the government supports the pro-competition and inflation-reducing proposal of the President of the Economic Competition Authority (GVH), Csaba Balázs Rigó, so an online price monitoring database will be created based on international examples. In order to implement it as soon as possible, the GFM and the GVH created a joint working group, which was joined by the Ministry of Justice in April. According to the information of the Index, the Ministry of Agriculture, the Statistical Office and interest associations bringing together traders were also involved in the professional discussions of the working group.

The government has high expectations for the online price monitoring system that will be launched on July 1

For example, that a database is made available to the public and customers, which enables them to transparently compare consumer prices. Smaller shops can join the system voluntarily. Katalin Neubauer, the secretary general of the Hungarian National Trade Association (MNKSZ), told the portal: member companies are encouraged to join the online price monitoring system. He indicated: there are Hungarian commercial enterprises that have continuously worked with a solid margin policy in order to always create the most favorable price possible. The goal is also to include not only the data of large supermarket chains in the database, he said. Csaba Balázs Rigó, president of the GVH, told the Index: the rate of food price increases has been decreasing for the third month after the peak, but the rate of decrease is not yet sufficient. Even more intense competition and bigger price reductions than at present are needed. The online price monitoring system is another opportunity for competition, the necessary resources for its development are available – pointed out the president of the GVH.

MTI