Turnaround in shopping: This is how the online price monitoring system will work in Hungary
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The government is phasing out the food price freeze from 1 August because it is forecasting that inflation could fall to 15 percent by August. As we previously reported, an online price monitoring system will be introduced from 1 July. Here is how it will work.
Food price caps to be abolished in a month
With the end of the food price caps on 1 August, the government expects the online price monitoring system and mandatory shop promotions to ensure that food prices will not go down even after the measure is lifted, napi.hu writes. As we reported on Thursday, Gergely Gulyás, the PM’s chief of staff, announced at the Cabinet Briefing that the government will abolish the food price caps from 1 August. According to their forecast, inflation is expected to fall to 15 percent by August.
Based on the Hungarian Gazette, Index published a summary of how the online price monitoring system will work from 1 July. They also shared which products will be covered by the measure.
In-store promotions and online price monitoring system
In parallel with the phasing out of the price freeze, the mandatory in-store promotions will be increased from 10 to 15 percent. The measure will also cover products that were previously available at the official price. According to Gergely Gulyás, the basis for the promotional price will be the gross purchase price. The government would thus avoid a brutal price increase for products previously subject to a price freeze.