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Mandatory food price discounts to end on July 1

Mandatory supermarket discounts on certain food produce including bread, meat and milk have fulfilled the aim of pushing down inflation, and the measure will be dropped from July 1, the national economy ministry said on Tuesday.

In order to encourage competitive prices in retail trading, an online price monitoring system will still be maintained, the statement added.

The measure requiring retailers to discount food produce in a number of categories by at least 15 percent on a regular basis was rolled out a year ago to bring down inflation and was set to expire at the end of June.

The government introduced the measure at the proposal of the ministry “to battle the inflation shock caused by the war and failed sanctions, and to protect families and pensioners”, the statement said.

The ministry noted that annual food price inflation has fallen to around 1 percent in recent months. In May, food prices fell in a month-on-month comparison, it said.

In June 2023, food price inflation stood at 29.3 percent.

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