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Hungary extends energy and food price caps amid soaring inflation - Financial Markets Worldwide

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Economy 17 hours ago (Sep 17, 2022 08: 30AM ET)

Hungary extends energy and food price caps amid soaring inflation Reuters. FILE PHOTO: A driver fills an automobile 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 90 days before end of the entire 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 europe for imposing sanctions on Russia over its invasion of Ukraine, saying they will have didn’t weaken Moscow meaningfully while causing a surge in food and energy prices.

Coupled with falls in the forint to record lows, the purchase 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 purchase price cap extensions beyond their original Oct.1 expiry, Orban’s chief of staff, Gergely Gulyas, also said the federal government would extend a cap on mortgage rates that has been originally because of expire by the end of the year, by “at the very least half a year”.

“We have now assess that provided that the () sanctions come in place, there is absolutely no realistic opportunity for a noticable difference,” Gulyas told the media briefing.

Orban’s government in addition has made a decision to launch a support scheme for energy-intensive smaller businesses, covering 1 / 2 of the upsurge in their energy bills weighed against last year’s levels, Economic Development Minister Marton Nagy said.

He said the federal government would also launch an investment support scheme for smaller businesses to greatly help them enhance their energy efficiency and spend less.

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