Hungary to introduce price caps on basic food items
A new regulation will put a cap on the prices of seven basic food products
Prime Minister Viktor Orbán has announced on his Facebook page on Wednesday that the Hungarian government will introduce a cap on the prices of six basic food products: Wheat flour, sunflower cooking oil, granulated sugar, pork thigh (leg/hock), chicken breast and 2.8% fat cow’s milk.
According to the announcement, the maximum prices for these products will be their respective price levels from October 15, 2021. The price cap will enter into force
on February 1.
PM Orbán has stated the “protection of Hungarian families” in the face of rising prices and energy costs as the reason for the decision.
Last October, the price of pork thigh was €4 per kilogram, chicken breast (de-boned, skinless) was €4.5/kg, the price of one liter of 2.8% milk was €0.81, sunflower cooking oil was €2.01/l, granulated sugar was €0.73/kg and wheat flour was €0.57/kg.
On Thursday, it was announced by Minister Gergely Gulyás of the Prime Minister’s Office that chicken back (carcass) will also be added as a seventh item to the list of basic food products with capped prices.
The news portal Telex has asked multiple retail chains for comments, but none has officially reacted to the announcement so far.
2022 will be an eventful year for Hungary. Inflation will continue (exact values for last December are expected to be published by the Central Statistical Office soon). Energy prices will likely continue to rise as well. Meanwhile, the next general parliamentary elections are scheduled to be held on April 3.
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