Gov't Extends Price Caps on Staples Till April 30
Image by LaMography
Hungary's government has extended the validity of price caps on a number of staples until April 30, 2023 in a decree published in the latest issue of the official gazette Magyar Közlöny, according to a report by state news wire MTI.
The price caps were set to expire at the end of December.
The price caps - set at levels in shops on October 15, 2021 - were applied to granulated sugar, BL 55 flour, refined sunflower seed oil, pork leg, chicken breast and back, and UHT cow's milk with 2.8% fat content from February 1. In November, the prices of fresh eggs and potatoes were also capped.
Many retailers in Hungary have limited purchases of foods affected by the price caps to prevent hoarding.
The Agriculture Ministry noted that data compiled by the Institute of Agricultural Economics (AKI) show that consumption of the staples affected by the price caps has climbed from a year earlier, rising 81% for 2.8% UHT milk, 27% for flour, 44% for sunflower seed oil, 34% for chicken breast and 46% for pork leg.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.