Hungarian Conservative

The Hungarian price monitoring system, which will possibly be purchased by the Slovak government, is an online database developed by the government and the Hungarian Competition Authority. The system provides consumers with information on the selling prices of individual products.

In 2022, the long upward trend in online shopping came to a halt, and it further deteriorated last year. The number of buyers decreased the most markedly in the 16–35 age group.

The adopted amendments to the Regulation on Wholesale Energy Market Integrity and Transparency, designed to respond to the energy crisis, cover new trading practices such as algorithmic trading and strengthen reporting and monitoring requirements to protect consumers from market abuse.

Approximately 8.5 billion cubic metres of gas was used, indicating a decrease of 1 billion cubic metres, or 10.9 per cent, compared to the 2022 level, and a substantial 2.5 billion cubic metres, or 23 per cent, reduction compared to 2021, as reported by the Ministry of Energy.

As it was pointed out by the Hungarian Competition Authority, the extraordinary resources required for AI technology are presently monopolized by the largest technological giants, potentially distorting market competition in digital sectors in the future.

The Hungarian government has implemented measures to protect Hungarian families and businesses against high inflation. As a result, the inflation data in recent months indicate a systematic, continuous, and visible decrease in inflation.

The price monitoring system will come into effect on 1 July, and is expected to contribute to pushing inflation back to single digits.

After reviewing the energy situation at the cabinet meeting on Wednesday, the government determined that all necessary resources are at its disposal to keep in place the utility cost reduction programme for households with average energy consumption.

To make the process of reducing inflation as strong and significant as possible, all possible tools must be used, they added. For this reason, in collaboration with the government, the Hungarian Competition Authority is establishing an online price monitoring system based on international examples, which contributes to increasing market competition and preventing overpricing.