On Saturday, the online price monitoring system will be launched, allowing customers to compare the prices of larger store chains. The food price freeze has been extended until August 1, but from then on, the price of products that can be purchased in mandatory promotions must be reduced by 15 percent. According to the government's calculations, these measures will significantly accelerate the reduction of inflation.
From July 1, several changes can be expected in the domestic economy, for example, the online price monitoring system will be launched. According to economic experts, this will further invigorate the price competition that has been going on for weeks, as consumers will be able to find the most favorable offers in seconds with the help of the system.
Several product groups have been discounted in the capital's grocery stores: meat, processed foods, and dairy products are constantly discounted. More customers go to stores just to buy from them.
This is the fifth sale week in stores.
Since June 1, the government has made it mandatory for hypermarkets to sell at least 10 percent cheaper each week of twenty product types.
In the past few weeks, stores have engaged in a veritable price competition, with department store chains outbidding each other. Instead of the mandatory 10 percent, a 50 percent discount is not uncommon, and the number of sale products does not stop at twenty. There are stores where hundreds of products are offered at various discounts.
From Saturday, the price competition will intensify, because the online price monitoring system will be launched, so customers can compare the prices of the largest hypermarkets.
And from August, the rate of mandatory actions will continue to increase. Of the twenty product groups that are already in operation, promotions must be advertised at a minimum of 15 percent cheaper than the previous 10 percent.
Inflation has been decreasing since May, which is partly due to the continuous promotions.
There are foods whose prices are more favorable even without the weekly promotions - dairy products and bakery products have decreased by an average of 10 percent since the beginning of the year.
According to economic experts, the rate of price reduction is expected to accelerate in the coming months.
"In July, the online price monitoring system will help price dynamics, and in August, although the previous price stop will be implemented, the new system will again help to make prices even more favorable for end consumers due to the increase in promotions. Personally, I expect falling food prices in all three summer months," said Géza Sebestyén, head of the Mathias Corvinus Collegium's Economic Policy Workshop.
Although the price cap that keeps the prices of the eight basic product types low will be abolished from the first of August, the government will make sure that they can still be bought at favorable prices.
According to the announcement of the Ministry of Economic Development, the stores will be able to sell the former price-stop products for a while only at the purchase price, and moreover, all products of two types of products must be included in the mandatory promotion every week. In other words, they will be cheaper than the purchase price, by at least 15 percent.
According to the government, there is every chance that inflation will drop to single digits before the end of the year.
Source: hirado.hu / M1
Cover photo: MTI/Róbert Hegedüs
