The online Price Monitoring System operated by the Hungarian Competition Authority (GVH) has been in operation for a year as of July 1. The platform was created to increase competition intensity in the retail market through price comparability, contributing to curbing inflation. Data from the Central Statistical Office (KSH) shows that the system has practically nullified food price increases, saving consumers money and time.

In response to a peak of 44.8% food inflation in December 2022, the GVH initiated sector inquiries and consultations to address market disturbances promptly. Based on findings and international examples, the GVH President proposed the establishment of an online price comparison system to the Government, leading to the launch of the system on July 1, 2023.

The system allows users to compare prices of food items in six retail chains across 1200 stores and 62 product categories. Continuous developments such as customizable shopping lists and a map-based store filter have enhanced user experience and intensified micro-market competition among retail chains.

Thanks to the online Price Monitoring System, Hungary achieved single-digit inflation by October 2023, with a 10% decrease in food prices. The system expanded to include special dietary products for lactose, dairy protein, and gluten intolerant individuals, further contributing to lowering food inflation to around 1% by March 2024.