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Hungary to End Food Price Caps

Government

The government has extended price caps on food until August 1, after which time they will cease, Gergely Gulyás, the head of the Prime Minister's Office, said at a regular press briefing on Thursday, according to a report by state news wire MTI.

The government earlier rolled back prices for a number of staples, including pork, cooking oil, and flour, in an effort to dampen inflation. The caps were set to expire on June 30.

Gulyás said the price caps had been "useful", but pointed to forecasts suggesting inflation would fall "significantly" in August to "around 15%". CPI could fall into the single digits by year-end "or even before December", he added.

The government also decided to raise the discount rate for products retailers select for mandatory sales from 10% to 15%, he said.

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