Flouting a study commissioned by the association that suggested a government-mandated cap on food markups had not achieved its goal, Zsigo said the measure had reduced the prices of 854 of close to 1,000 products, by 20.2pc on average.

He added that the government had also reached agreements with banks, telecommunications service providers and pharmaceutical companies on price restrictions, while pensioners would get HUF 30,000 in food vouchers from September.

He said OKSZ had "disregarded the facts" and tried to pressure the government into letting the markups cap expire on August 31 with "sham research".
 

He noted that the European Commission had recently launched infringement procedures against Hungary over the markup caps on food and non-food products. "Brussels demands that prices be raised and taxes on multinationals scrapped," he added.

Addressing Brussels and OKSZ, Zsigo said the government would continue to use "all means" to counter "excessive and unjustified" price increases.

"We will protect Hungarian people, families and pensioners, not the profit of multinationals," he added.
 

Source: MTI – Hungary’s national news agency since 1881. While MTI articles are usually factual, some may contain political bias, and readers should be aware that such content does not reflect the position of XpatLoop, which is neutral and independent.

Since the goal of XpatLoop is to keep readers well briefed, right across the spectrum of opinions, MTI items are shared to ensure readers are aware of all narratives within the local media.

XpatLoop believes in empowering readers to form their own views through complete and comprehensive coverage. To facilitate this XpatLoop has a balanced range of news partners, as you can see when you surf around XpatLoop.com

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