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Retail chains were making out-sized profits on food and "we had to step in", Prime Minister Viktor Orban said.
A 10pc government-mandated limit on markups at supermarket chains has cut the prices of affected products by 16pc on average, National Economy Minister Marton Nagy said at a press conference on Tuesday, a day after the measure came into effect.
A mandatory 10pc cap on supermarket profit margins on 30 basic food products took effect on Monday, the National Economy Ministry said.
The National Economy Ministry pointed to the need to stop "unacceptable" price increases and called on retail chains to indicate their plans to voluntarily cut staple food prices by early next week in a statement.
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