Illustration - Photo: wikipedia

Online price-monitoring platform could shave half a percentage point off inflation

An online price-monitoring platform launched by the Competition Office (GVH) and the Economic Development Ministry could reduce food prices by 1.5 percentage point and cut headline inflation by around half a percentage point, the ministry said on Friday.

Prices of products featured on the platform have fallen by 5.4 percent on average since its launch on July 1, the ministry said.

The platform compares the daily prices of over 1,000 products in 62 groups at the country’s biggest supermarket chains: Aldi, Auchan, Lidl, Penny, Spar and Tesco.

The ministry noted that other shops could voluntarily join the platform.

Leave a Reply