Hungary to Roll out Online Price Monitoring System

Retail

Photo by Tero Vesalainen/Shuttestock.com

Hungary will introduce an online price monitoring system to increase transparency and boost competition, the Competition Office (GVH) and the Economic Development Ministry said in a joint statement on Thursday, according to a report by state news wire MTI.

Economic Development Minister Márton Nagy supported the proposal by GVH chairman Csaba Balázs Rigó to set up a database of prices that can be monitored by consumers, preventing overpricing.

A working group will meet on Monday to discuss the system with affected parties.

After the necessary legal and technical groundwork is laid, the system could start operating by the end of June.

The system, which will focus initially on food products, is expected to aid government efforts to bring down inflation to the single digits by year-end.

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