Caretaker government launched a platform for monitoring the prices of basic food products

Fines for over 1.5 million BGN have been imposed on various traders for unfair practices since the beginning of the checks targeting food price speculation, caretaker Minister of the Economy, Nikola Stoyanov, said on March 24 at a press conference on the presentation of the information website that tracks food prices.

The information platform foodprice.bg monitors the prices of 30 basic food products in the country.

It shows average wholesale prices of the goods in various parts of Bulgaria and the average retail prices in supermarkets and shops across the country.

The website contains:

• importer prices in the country
• wholesale prices in the country
• retail prices in the country, monitored weekly by region of the country in large chains and smaller outlets, but without promotions
• prices of 11 main food products from 7 European countries
• The platform also has a quick link for alerts and complaints to the competent institutions.

Retail chains and retailers with an annual turnover of more than BGN 30 million will be able to publish prices themselves.

"This threshold allows the 30 largest retailers in Bulgaria to participate. These are not only the big retail chains, but also regional local players that are strong in particular regions. They will submit the lowest price they have in the specific product group, but without promotions. The information will be submitted electronically with an e-signature. Participation is absolutely voluntary. We have already shown interest and I am sure that most of the traders will participate," said Nikola Stoyanov.

The information platform was built by Information Services.

"The platform brings together all institutions that are relevant to the topic. And it is a tool not only of monitoring, but also of data storage, which is currently a serious weakness - there is a shortage of such data," said the caretaker Minister of the Economy.

Caretaker Agriculture Minister, Yavor Gechev, announced that the state will subsidise 80% of the price (excluding VAT) of irrigation water as a measure against expensive food.

The state will subsidise 80% of the price of irrigation water as a measure against expensive foods.

An electronic food traceability register is also being prepared. It will register every step in the wholesale trade, both in terms of food quality and consumer assurance and prices.

"All types of food will be covered, including drinks such as mineral water and beer. There will be a separate section for grains, cereals and oilseeds as every silo in Bulgaria will have traceability," Gechev said.

A working group is drafting a Food Markups Act and a Food Trade Act. The aim is to permanently curb food prices, which will also lead to a drop in inflation, Minister Stoyanov said.