The Economic Competition Office (GVH) and the Ministry of Economic Development (GFM) intend to make an online price comparison service available to the public at the end of the second quarter, the parties announced in their joint statement on Thursday. Based on the experience of the investigations conducted in the food sector, the organizations decided to quickly create a price monitoring/price comparison service, which they hope will strengthen competition on the market.
The jointly issued statement states that international experience shows that price transparency and comparison of consumer prices can have a moderating effect on prices in the long term and can strengthen customer awareness. According to the joint press release of the authority and the ministry, similar systems operate successfully in Greece, Germany and Romania.
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As a result of all this, Balázs Csaba Rigó, the president of the GVH, made a “pro-competitive proposal” to the Government for the creation of an online price monitoring database in Hungary, the operation of which will be ensured by the Economic Competition Office after the completion of the necessary developments.
Minister of Economic Development Márton Nagy supported the GVH’s initiative, so the parties are creating a joint working group in order to develop an online price monitoring database available to the general public and a related web application as soon as possible, as well as to develop the necessary legal environment. The working group, which will be formed next Monday, will also initiate consultation with the relevant professional organizations.
Price monitoring will first focus on the retail sector for food types, so that the electronic price monitoring system should be operational by the end of the second quarter of the year, the announcement states.
The parties expect the online price monitoring database to significantly strengthen transparency, make different pricing practices transparent, and ultimately – in line with the interests of consumers – contribute to increasing market competition and preventing perceived or real overpricing.
Source: HWSW Informatikai Hírmagazin by www.hwsw.hu.
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