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Hungary extends energy and food price caps amid soaring inflation


Driver fills up his car at Budakalasz petrol station (Hungary), 13 Jun 2022.



Prime Minister Viktor Orban stated that Hungary has raised the price caps for fuels and basic food by three months in order to protect families from rising costs.

Budapest strongly condemned the European Union’s imposition sanctions against Russia in response to its invasion of Ukraine. They did not reduce Moscow, and they caused an increase in food and energy prices.

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Inflation in Hungary has reached new highs over the past two decades thanks to falling forint levels and other records. The National Bank of Hungary raised its base rate from 11.75% to 11.75%.

Gergely Gulyas, Orban’s chief staffer, announced that price caps would be extended beyond Oct.1 expiry. He stated that the government would increase the mortgage rate cap, which expires at the end of the year by no less than six months.

Gulyas stated, “We now assess that as long as the EU sanctions are in place it is not realistic to expect an increase.”

Marton Nagy, Economic Development Minister, stated that Orban’s government would also launch a program to support small-scale energy-intensive companies. The scheme will cover half of the increase in energy bills compared to last.


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He said that the government would also establish an investment support program to assist small businesses in improving their energy efficiency and reducing costs.

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