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Hungary extends energy and food price caps amid soaring inflation

Economy Sep 17, 2022 08:30AM ET
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© Reuters. FILE PHOTO: A driver fills a car at an Envi petrol station in Budakalasz, Hungary, June 13, 2022. Picture taken June 13, 2022. REUTERS/Bernadett Szabo

BUDAPEST (Reuters) -Hungary has extended price caps on fuels and basic foodstuff by three months until the end of the year in a bid to shield households from soaring costs, Prime Minister Viktor Orban's chief of staff told a briefing on Saturday.

Budapest has sharply criticised the European Union for imposing sanctions on Russia over its invasion of Ukraine, saying they have failed to weaken Moscow meaningfully while causing a surge in food and energy prices.

Combined with falls in the forint to record lows, the price rises have sent Hungary's inflation to two-decade highs, forcing the National Bank of Hungary to hike its base rate sharply to 11.75%.

Announcing the price cap extensions beyond their original Oct.1 expiry, Orban's chief of staff, Gergely Gulyas, also said the government would extend a cap on mortgage rates that was originally due to expire at the end of this year, by "at least six months".

"We now assess that as long as the (EU) sanctions are in place, there is no realistic chance for an improvement," Gulyas told the media briefing.

Orban's government has also decided to launch a support scheme for energy-intensive small businesses, covering half of the increase in their energy bills compared with last year's levels, Economic Development Minister Marton Nagy said.

He said the government would also launch an investment support scheme for small businesses to help them improve their energy efficiency and cut costs.

Hungary extends energy and food price caps amid soaring inflation
 

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Comments (6)
Mauricio V.
Mauricio V. Sep 17, 2022 12:09PM ET
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Hungary should be expelled from the European Union, the ungrateful and large debtors of European funds are not needed in the Union.
László Tuba
László Tuba Sep 17, 2022 11:22AM ET
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It's all about the govermet's power and It is not all about the people :) . It' s all a joke and a sad. The country would have a new goverment with its new point of view! The all Hungarian people is under a huge goverment's propaganda. That is why the people are in their dreams ... and aren't in the their reality.
jason xx
jason xx Sep 17, 2022 10:46AM ET
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unbelievable Spam. I don't believe it is a hack https://investing.com has to be allowing it for money. Ive never seen it on any other sites
Pieter VD
Pieter VD Sep 17, 2022 9:50AM ET
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Orban’s clan is now officially laballed by the EU as an (elected) autocratic regime. His ponzi scheme will end, sooner or later.
jason xx
jason xx Sep 17, 2022 9:50AM ET
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true
WILLIAM HAGERTY
WILLIAM HAGERTY Sep 17, 2022 8:52AM ET
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shortages are next
Gábor Woth
Gábor Woth Sep 17, 2022 8:52AM ET
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nah, already there
WILLIAM HAGERTY
WILLIAM HAGERTY Sep 17, 2022 8:52AM ET
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Gábor Woth  it will get worst, it's been done before
WILLIAM HAGERTY
WILLIAM HAGERTY Sep 17, 2022 8:52AM ET
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Gábor Woth  nobody will bring any product to a price cap area
jason xx
jason xx Sep 17, 2022 8:52AM ET
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WILLIAM HAGERTY
WILLIAM HAGERTY Sep 17, 2022 8:52AM ET
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jason xx  what, your teeth?
jason xx
jason xx Sep 17, 2022 8:36AM ET
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Well I sympathize but energy prices have fallen dramatically with sanctions in place so that argument is false.
taylor jason
taylor jason Sep 17, 2022 8:36AM ET
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unless you live in EU where natural gas prices are up 2000%
jason xx
jason xx Sep 17, 2022 8:36AM ET
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ok but natural gas is not the only energy commodity.
 
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