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Hungary to Introduce New Measures to Control Ukrainian Grain Imports

HUNGARY
  • As a reminder, Cabinet Minister Gergely Gulyas told reporters last Thursday that this week Hungary will decide whether to extend food price caps beyond the end of the month. The decision will be influenced by March inflation data, which will be published tomorrow, the same day as the weekly cabinet meeting.
  • MTI report that the Hungarian government will take further measures to control grain imports from Ukraine "to make sure that the grain reaches its original destination", Agriculture Minister Istvan Nagy said on Saturday. The new measures will include tariffs and quantitative limits on imports of Ukrainian grain and oilseeds. Nagy said large quantities of cheap Ukrainian foodstuffs hurt the Hungarian domestic market and lower farmers' sales prices below production costs.
  • There are no major data releases scheduled today, with CPI data taking focus tomorrow morning. Headline inflation is expected to increase slightly to 24.9% y/y (Prior: 25.4%), having peaked in January at 25.70%. The monthly figure is seen at 0.6% (Prior: 0.8%). The central bank will also release the minutes of their latest rate setting meeting tomorrow.

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