Sugar prices have risen sharply recently, spawning “sugar tourism”, according to reports. Hungarians can by a kilogram of sugar in Austria for as little as €0.65, or about HUF 175, almost half of the price in Hungarian stores.
Fresh inflation data from the Central Statistical Office (KSH) show sugar prices rose 9.5% year-on-year and 8.2% month-on-month in January.
Johann Marihart, CEO of Agrana, which owns the last operating sugar refinery in Hungary, blamed the high sugar prices in Hungary on a “sugar deficit” — domestic production meets just one-third of demand — and the country’s relatively high 25% VAT rate in a report published by Austrian Press Agency on Wednesday.
Producing journalism that is worthy of the name is a costly business. For over 30 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.
