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Government Extends Food Price Cap Until April

HUNGARY
  • Hungary is expected to receive money from the EU in the spring or early summer at the earliest after EU ambassadors on Monday sent a proposal to the European Council to approve Hungary's €5.8bn recovery plan and unblock its recovery funding (bne IntelliNews).
  • Hungary’s government has extended a price cap on certain food staples such as vegetable oil and milk until April, according to a statement late Tuesday cited by Bloomberg. Minister of Agriculture Nagy blamed the war in Ukraine and 'failed Brussels sanctions' for the surge in food prices.
  • Hungary’s Regional Development Minister said the fact that Hungary will adopt the global minimum tax does not mean that taxes will increase, MTI report. As part of a deal with Brussels, an existing business tax would be seen as part of the general tax burden, so in Hungary's case the corporate tax would not have to increase.
  • The Hungarian government urges that the investment agreement between China and the EU should take place as soon as possible, Minister of Foreign Affairs and Trade Szijjarto said on Tuesday. Szijjarto also said on Facebook that he held a teleconference with his Chinese counterpart Wang Yi.
  • There are no major economic releases or speakers scheduled today.
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