Price-monitoring Platform Shaves 0.4 pp off CPI

Figures

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 percentage points since its launch by the Competition Office (GVH) and the Economic Development Ministry on July 1, the ministry said on Friday, according to a report by state news wire MTI.

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 around 1.5 percentage points, according to the report.

Prices of products on the platform have dropped in 53 product groups, by 6.5% on average.

Those declines include a close to 23% drop in the price of eggs and decreases of about 20pc in the prices of flour and spaghetti. The price of bread and dairy products has fallen 8% on average and vegetable prices have dropped 14%.

ADVERTISEMENT

ÁKK Exchanges HUF 20 bln of Bonds at Wednesday Switch Auctio... Debt

ÁKK Exchanges HUF 20 bln of Bonds at Wednesday Switch Auctio...

Hungary Makes Proposals to Ease Administrative Burden for EU... EU

Hungary Makes Proposals to Ease Administrative Burden for EU...

MOL Signs Antwerp Declaration for a European Industrial Deal Deals

MOL Signs Antwerp Declaration for a European Industrial Deal

Investors of the Year in Limelight at Hipa’s Award Ceremony Awards

Investors of the Year in Limelight at Hipa’s Award Ceremony

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.