A study by the Makronóm Institute shows that the online Price Monitoring system operated by the Hungarian Competition Authority reduced food inflation by 1.11 percentage points between July 2023 and February 2024, resulting in savings of 19.4 billion forints for Hungarian households.

The system, launched in July 2023 in collaboration with the Hungarian Government, aimed to combat inflation and food inflation. The analysis quantifies the system's role in successfully curbing inflation.

By comparing prices in 21 food subcategories, the study found that the Price Monitoring system significantly contributed to price reductions in 14 subcategories, with the most impact seen on low-fat milk, eggs, butter, fresh fruits, and bread.

The Institute also quantified the system's monetary impact, estimating that it saved Hungarian households nearly 20 billion forints during the winter months.

The results confirm that fostering market competition through initiatives like the Price Monitoring system can lead to tangible financial benefits in the medium and long term.

The Hungarian Competition Authority's President highlighted the system's success in promoting competition among retailers, reducing inflationary pressure on Hungarian families, and improving living standards.