On April 15, 2024, the Economic Committee of the National Assembly unanimously approved the Hungarian Competition Authority's (GVH) report on its activities and experiences related to competition law for the year 2024. The president of the GVH, Csaba Balázs Rigó, announced that the authority has launched expedited sector investigations into the dairy and dairy products market, as well as the egg market in Hungary.

In 2023, the GVH concluded 98 cases, imposing fines totaling 4.3 billion forints, while also granting 2.5 billion forints in fine reductions to cooperating companies. The authority emphasized its ongoing commitment to combating cartels, particularly in public procurement, where it has been notably active compared to international standards. Last year, 19 cartel investigations were ongoing, with eight new cases initiated and three major cartel cases closed, resulting in fines exceeding 2.5 billion forints.

In 2024, the GVH continued to protect consumers, especially in the digital space, addressing issues such as unfair influence on consumers, misleading pricing practices, and inadequate information provided to buyers. The authority closed 21 consumer protection cases, which accounted for nearly 40% of the total fines, amounting to 1.7 billion forints. The GVH has focused on protecting children, families, the elderly, and patients in its consumer protection and educational activities.

Additionally, the GVH has recognized the rapid spread of artificial intelligence as a significant trend in the digital space and has conducted a comprehensive market analysis to assess its competitive and consumer protection implications. The authority's targeted recommendations are expected to contribute to the renewal of Hungary's AI strategy.

In terms of mergers, the GVH reported a significant increase in notifications, with 67 mergers reported in 2023, a nearly 30% increase from the previous year. The total annual revenue of the companies involved in these transactions exceeded 1 trillion forints for the first time in the GVH's history. Approximately 90% of the approved mergers in 2024 were concluded within four days of issuing the authority's certificate.

Looking ahead, the GVH plans to continue its efforts to stimulate competition in the food market in 2025. The authority operates an online price monitoring system developed in collaboration with the government, which tracks daily prices of around 3,000 different food products across 100 categories. The GVH is committed to closely monitoring market processes in various product chains and intervening decisively to protect Hungarian families and ensure fair market competition.

During the committee meeting, Erik Bánki, the chairman of the Economic Committee, praised the GVH's effective use of its expanding powers, its active stance against cartels, and its role in protecting Hungarian consumers and promoting fair market competition. He specifically acknowledged the introduction of the price monitoring system, which has yielded significant results in consumer protection and combating inflation, helping Hungarian families and pensioners save money and time.

The full report of the GVH for 2024 is available on the authority's website, along with further details regarding the newly initiated expedited sector investigations.