Hungary Freezes Prices For A Range Of Foodstuffs

Fixed prices for six foodstuffs are being introduced for three months in Hungary, the head of the country’s Prime Minister’s Office, Gergely Gulyás, said.

« At a government meeting yesterday, it was decided, following the example of Serbia, to introduce fixed prices for six products… From February 1 for three months… The maximum price in all shops should be fixed at the level of October 15, 2021. This can be checked using online cash registers, » Gulyás told reporters, noting that the deadline can be extended if necessary.

On Wednesday, Hungarian Prime Minister Viktor Orban said the government was introducing state price controls on granulated sugar, wheat flour, sunflower oil, pork hams, chicken breasts and 2.8 per cent fat cow’s milk due to rising inflation because of the energy crisis in Europe.

At the end of November, the Serbian government capped prices of the same set of goods for two months at 15 November 2021.

The appreciable increase of gas prices in Europe started in April and May, when the average TTF spot price fluctuated between $250 and $300 per thousand cubic meters. In the last days of summer, the day-ahead contract price exceeded USD 600 and already in early October it crossed the USD 1,000 threshold.

source: reuters.com

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