Big Price Increases: Retail Chains Investigated in Hungary Regarding Food Price Gouging
- 29 Aug 2024 6:42 AM
- Hungary Matters
The authorities have launched an investigation into retail chains that have made parallel and big price increases for basic food produce, the national economy ministry said.
The price increases fly in the face of government-mandated food price caps and promotions on certain products which have been subject to an online price monitoring system from June 1, 2023, the ministry said in a statement.
Big retail chains upped retail prices for fine flour, 2.8% UHT milk and sugar, among others, the statement said, with instances of a doubling of the price of certain flours. Some milk brands increased by an average of about 45%, while the price of granulated sugar went up by more than 25% on average, it added.
Whereas these measures have been largely effective in pushing down inflation, competition office (GVH) has so far scrutinised 3,000 retailers and imposed fines amounting to 650 million forints.
The ministry said it is committed to protecting Hungarian families and has asked to competition office and the ministry’s own consumer protection department to take further joint action against unfair businesses.
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