The GVH is preparing investigations into the food trade.

In the first half of 2023, the Hungarian Competition Authority also conducted several comprehensive accelerated sector investigations, which highlighted that certain actors in the food trade raised the prices of certain basic foods to a greater extent than was justified. At that time, it was revealed that in 2022, traders’ profits on certain food products (e.g. dairy products, non-perishable foods) increased significantly, which – among many other factors – also contributed to a significant increase in food inflation.

In March 2023, Csaba Balázs Rigó, President of the Hungarian Competition Authority (GVH), based on the experiences of accelerated sectoral investigations carried out in the food sector and international examples, initiated the creation of the online Price Monitoring System at the Government as part of a competition support proposal, which will soon be expanded with new product categories.

In the system operated by the GVH and available at www.arfigyelo.gvh.hu, the daily updated prices of more than 2,000 different food products in 78 product categories in more than 1,200 stores of six large retail chains nationwide can be tracked. The Price Monitoring System accurately and up-to-dately shows price changes, including their decreases. According to the data of the online Price Monitoring System, the prices of several basic food products (e.g. dairy products, eggs) decreased on Monday, as a result of the introduction of the margin cap ordered by the Government.

Csaba Balázs Rigó, the President of the GVH, stated last week:

“The GVH supports initiatives aimed at reducing food prices with all available means. The national competition authority stands by the Hungarian people, ready to intervene and initiate new investigations. I firmly believe that the temporary application of the margin freeze for a specific period serves the interests of the Hungarian people – primarily families and pensioners”

– the President of the GVH pointed out.