Price-monitoring Platform to Launch July 1

Retail

An online price-monitoring platform that aims to improve transparency, boost competition and prevent overpricing among food retailers will launch on July 1, the Economic Development Ministry said on Monday, according to state news wire MTI.

The ministry and the Competition Office (GVH) announced plans in March to roll out the platform to help bring inflation down to the single digits by year-end.

Food retailers with net annual turnover exceeding HUF 100 billion will be required to submit price data for the platform. 

The platform will contain price information on food products in over 60 categories, including pork leg, white bread, ESL milk with 1.5% fat, Trappist cheese, apples, hot dogs, margarine, butter, and spaghetti, at the start.

GVH will operate the platform's price database.

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