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HUNGARY: Minister Says Hungary Plans Profit Curbs to Contain Food Prices

HUNGARY
CEEMEAEM BulletBulletEmerging Market NewsHungary

"HUNGARY PLANS PROFIT CURBS TO CONTAIN FOOD PRICES: MINISTER" - BBG

  • The idea of introducing measures to curb price growth of supermarket staples was floated by Prime Minister Orban earlier in the week. He said he trusted that an agreement would be reached with supermarket chains on preventing "unaffordable prices” but warned that National Economy Minister Marton Nagy had a mandate to regulate the prices of some products if a deal failed to materialise. If that proves insufficient, profit margins could be capped, he added.
  • Government price caps have previously attracted criticism from NBH Governor Gyorgy Matolcsy. Given the appointment of Mihaly Varga as the new chief next month is set to reset central bank-government relations, Orban’s ruling party may find they face less resistance in introducing the measures this time around.
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"HUNGARY PLANS PROFIT CURBS TO CONTAIN FOOD PRICES: MINISTER" - BBG

  • The idea of introducing measures to curb price growth of supermarket staples was floated by Prime Minister Orban earlier in the week. He said he trusted that an agreement would be reached with supermarket chains on preventing "unaffordable prices” but warned that National Economy Minister Marton Nagy had a mandate to regulate the prices of some products if a deal failed to materialise. If that proves insufficient, profit margins could be capped, he added.
  • Government price caps have previously attracted criticism from NBH Governor Gyorgy Matolcsy. Given the appointment of Mihaly Varga as the new chief next month is set to reset central bank-government relations, Orban’s ruling party may find they face less resistance in introducing the measures this time around.