Scale of Disinflation Insufficient for Price Cap Rollback - Orbán

Government

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The rate of inflation has not slowed enough yet to allow the government to phase out price caps, Prime Minister Viktor Orbán said in a weekly public radio interview on Friday, according to a report by state news wire MTI.

Asked whether disinflation is of a scale that would allow the rollback of price caps, Orbán said that it is "unfortunately not". "What's happened till now is too little," he added.

Orbán acknowledged price competition among food retailers, but said the range of products affected is "narrow".

"I hope that the fall in inflation will be more tangible in April...more general, wider...and we count on a more clear-cut fall in May and June," he said.

He said the few tenths of a percentage point decline in inflation is "reassuring, but unfortunately too little".

"Inflation is too high and the government must continue to work to bring it down," he added.

He pointed to steps authorities are taking to set up an online price-monitoring system, boost competition and protect consumers from overpricing.

The government earlier introduced price caps on some staples, such as milk, flour, eggs, and pork to ease inflation.

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