BUDAPEST:  Prime Minister Viktor Orban stated that the Hungarian government has decided to extend the price controls on fuel and essential foods until October first.

The Prime Minister said that the retail mortgage interest rate cap, which was enacted during the Covid-19 outbreak, will be in effect until December 31.

As a step to combat inflation, the government decided on January 12 to freeze the prices of granulated sugar, wheat flour, sunflower oil, pork thighs, chicken breast, and 2.8 percent milk for the period between February 1 and May 1.

On November 15 of last year, it similarly set the price of petrol and diesel at 480 Hungarian forints (USD 1.27) a litre, and subsequently extended the price cap for three months, from February 15 to mid-May.

The Cabinet then agreed on April 27 to keep the measures in place until July 1. This latest deadline which has now been extended. 

According to official estimates, the rate of inflation in Hungary was 10.7% in April, significantly over the Hungarian National Bank's target of 3%. This year's inflation rate was expected to be between 7.5 and 9.8%, according to the bank.

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