The Hungarian Competition Authority (GVH) and the National Bank of Hungary (MNB) are jointly investigating the impact of the forint's significant appreciation on consumer prices in Hungary, especially concerning imported products and food items.

The GVH is considering utilizing its competition law tools, which may include initiating a rapid sectoral investigation to assess competitive issues or launching enforcement actions against relevant market players.

During a recent meeting, GVH President Csaba Balázs Rigó emphasized the authority's commitment to supporting economic processes that foster growth. He noted that the GVH has already intervened in various ways to combat inflation and that collaboration with the MNB strengthens their resolve to address market players whose actions may violate competition laws and exacerbate inflationary trends.

The meeting also highlighted the forint's recent strength against the euro and the dollar, with both parties agreeing on the economic and social goal of encouraging retailers to reduce consumer prices for imported goods as a positive effect of the currency's appreciation.

The GVH has begun mapping the pricing practices of importers, focusing on how quickly and effectively retailers implement currency fluctuations in consumer prices. The authority aims to uncover the competitive reasons behind pricing anomalies and intervene decisively in market processes if there are suspicions of anti-competitive behavior.

Additionally, the GVH calls on affected market players and industry organizations to fully comply with relevant competition law regulations. The authority will also utilize historical data from its online price monitoring tool, which tracks prices of over 5,000 food and household products across various retail chains.