Gov't price controls shave 4.4 pp off CPI
Image by Shutterstock.com
Government measures to control prices amid climbing inflation have cut headline CPI by 4.4 percentage points, Gergely Gulyás, the head of the Prime Minister's Office, said at a weekly press briefing on Thursday, according to a report by state news wire MTI.
Gulyás said March CPI would have been 13% without the measures, well over the 8.6% rate adjusted for better comparison with other European Union member states.
The government capped retail vehicle fuel prices at HUF 480 per liter from November 15 to ease accelerating inflation. From February 1, it rolled back prices for a number of staples, including pork, cooking oil, and flour, to mid-October levels. Hungarian households have also been shielded against the impact of higher global energy prices by a regulated utilities price scheme that has been in place for years.
Gulyás said the household utilities price scheme shaved 2 percentage points off headline CPI, while the fuel price cap reduced it by 1.5 percentage points and the price caps for staples by 1 percentage point.
Hungary Gasoline Prices 3% Over Regional Avg
Hungary to Address Future of Cohesion Policy During EU Presi...
Cordia’s Marina City Project Begins
Budapest Airport Wins 'Best Airport in Eastern Europe' for 1...
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.
