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ECONMIN: INFLATION BROUGHT DOWN, MANDATORY FOOD PRICE DISCOUNTS TO END ON JULY 1

 

Mandatory supermarket discounts on certain food produce including bread, meat and milk have fulfilled the aim of pushing down inflation, and the measure will be dropped from July 1, the national economy ministry said. In order to encourage competitive prices in retail trading, an online price monitoring system will still be maintained. The measure requiring retailers to discount food produce in a number of categories by at least 15% on a regular basis was rolled out a year ago to bring down inflation and was set to expire at the end of June. The government introduced the measure at the proposal of the ministry “to battle the inflation shock caused by the war and failed sanctions, and to protect families and pensioners”, the ministry said in a statement. It noted that annual food price inflation has fallen to around 1% in recent months. In May, food prices fell in a month-on-month comparison, it said. In June 2023, food price inflation stood at 29.3%.