Online Price Platform Reduces Inflation by 0.4 pp
Image by LaMography
An online platform that monitors the prices of a broad range of food products at Hungary's biggest supermarket chains has reduced headline inflation by 0.4 of a percentage point since its launch by the Competition Office (GVH) and the Ministry of Economic Development on July 1, the ministry said in a release on its website.
The platform, which features daily price comparisons of products in 62 groups at Aldi, Auchan, Lidl, Penny, Spar and Tesco, has cut food price inflation by more than 1.3 pp.
Prices of products on the platform have dropped in 50 product groups, by 5.5% on average.
The price of eggs and flour has dropped by more than 20%, spaghetti has fallen by almost 20%, and dairy products prices are down by about 9%. Hungary's headline CPI fell to 9.9% in October, according to the latest data released by the Central Statistical Office (KSH), after peaking at 25.7% in January.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.