Online Price Platform Reduces Inflation by 0.4 pp

Retail

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.

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