Hungarian government extends fuel and basic food price cap until July 1

The Hungarian government will extend the cap on fuel and basic food prices until July 1, Prime Minister Viktor Orban announced on his Facebook page following a government meeting.

“Today we had to decide what to do (regarding the price caps), we decided to extend our price control measures in both cases, so that the price of fuel and the price of selected food products will remain unchanged until July 1,” Orban said. said Wednesday.

He added that fuel prices and gasoline prices were rising across Europe due to the Russian-Ukrainian conflict, Xinhua news agency reported.

“In Hungary, the government is doing everything in its power to protect families from the consequences of rising prices,” he said.

On January 12, the Prime Minister announced that the prices of granulated sugar, wheat flour, sunflower oil, pork legs, chicken breast and 2.8% milk would be limited from February 1 to May 1, 2022 due to high inflation. Prices for designated products in all stores have been reduced to October 2021 levels.

The government also set the price of petrol and diesel per liter at 480 forints ($1.33) on November 15, 2021, then extended the price cap from February 15 for three months until mid-May. .

According to the latest official data, the inflation rate in Hungary stood at 8.5% in March, well above the 3% target set by the Hungarian National Bank (MNB). The bank initially forecast an inflation rate of 7.5 to 9.8 percent for this year. (1 Hungarian forint $0.0028).



(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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