Gov't issues decree on staple foods price rollback

Government

The government has issued a decree rolling back prices for some staple foods to October levels from February 1 in the latest issue of the official gazette Magyar Közlöny.

The decree details measures announced by Prime Minister Viktor Orbán after a cabinet meeting on Wednesday, amid spiking inflation.

It requires retailers to cap prices for 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 at the ones they used on October 15. 

If any of the products were on sale at the time, retailers may apply the prices last used before the products were discounted.

If retailers are unable to establish the prices they used on October 15, they may use the average price for the products for October calculated by the Central Statistics Office (KSH) in its monthly inflation data.

Violators of the rules face fines of between HUF 50,000 and HUF 3,000,000 for first-time offenses. Repeat offenders could have their business licenses revoked for a period of between one day and six months.

The price regulation is in force until May 2.

Food prices rose 8% year-on-year in December, over the 7.4% headline CPI, data released by KSH on Friday show.

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