The cabinet of Slovak Prime Minister Robert Fico has approved a proposal to create a web-based price comparison platform aimed at helping consumers find the best deals on food and other essential items.
The initiative, which mirrors a similar system in Hungary, is part of the government’s ongoing effort to address food price inflation, a major issue during last year’s election campaign.
Slovakia’s finance ministry estimates the project will cost €168,000 to build, with an additional €16,800 per year allocated for maintenance, news outlet Denník N reports. The government plans for the website to be operational by July next year.
A key component of the project involves large retail chains being required to submit regular price data for the platform. Retailers that fail to comply could face fines of up to €10,000. The Ministry of Finance will issue a decree specifying which large stores will be required to participate in the comparison system.
However, the proposal has sparked objections from employer organizations, particularly the Association of Employers’ Unions and Associations. They argue that the price comparison tool would disproportionately benefit foreign retailers and manufacturers, potentially putting local businesses at a disadvantage.
The debate surrounding the platform comes in the context of last year’s election campaign, during which the governing coalition heavily criticized rising food prices and targeted large business chains as contributing to the cost of living crisis.
Although food inflation has since eased, the government had not introduced significant measures against the chains, despite threats from some coalition politicians.
In 2024, Slovakia’s overall inflation rate is projected to drop significantly to around 3.1 percent, a notable decrease from 11 percent in 2023.
Food price inflation has also stabilized after a peak of almost 29 percent early in 2023. By January of this year, food inflation had slowed to 4.9 percent, although some categories including vegetables and confectionery still recorded double-digit price increases.
