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Report: Varga plans to raise pensions by 0.9%

Food

In planning next year’s budget, one of the aims is for social benefits to preserve their value, as such the Hungarian government is proposing to raise pensions by 0.9%, in light of anticipated inflation figures, Hungary’s National Economy Minister Mihály Varga told economic daily Világgazdaság today.

Varga stressed that the pace of consumer price increases would be slowed by the planned 22% price drop of poultry, eggs and milk, while price indices are expected to benefit from the 9% drop in VAT on internet services and the food tax on restaurant meals, the daily reported. 

The paper noted that the National Bank of Hungary (MNB) said in an earlier report that it expects 2.4% inflation for 2017, however, the planned VAT reductions were not announced when the report was published.

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