Hungary, critical of Russian sanctions, continues price caps

Robert Besser
20 Sep 2022, 16:42 GMT+10

To protect households from surging inflation Hungary has extended price caps on fuel and basic food products by three months, continuing until the end of the year
Budapest has sharply criticized the European Union for imposing sanctions on Russia over its invasion of Ukraine
The price rises, combined with the Hungarian currency falling to record lows, have driven Hungary's inflation to two-decade highs

BUDAPEST, Hungary: Prime Minister Viktor Orban's chief of staff, Gergely Gulyas, said in an effort to protect households from surging inflation Hungary has extended price caps on fuel and basic food products by three months, continuing until the end of the year.

Budapest has sharply criticized the European Union for imposing sanctions on Russia over its invasion of Ukraine, claiming they have caused surging food and energy prices, but have failed to weaken Moscow.

The price rises, combined with the Hungarian currency falling to record lows, have driven Hungary's inflation to two-decade highs, forcing the National Bank to significantly raise its base rate to 11.75 percent.

Gulyas added that the government would extend a cap on mortgage rates, originally due to expire at the end of this year, by "at least six months."

"We now assess that as long as the EU sanctions are in place, there is no realistic chance for an improvement," he said.

Economic Development Minister Marton Nagy said the Orban government will also launch a support scheme for energy-intensive small businesses, as well as an investment support scheme for small businesses to help them improve their energy efficiency and cut costs.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Northern Ireland News.

More Information

15 ℃

Fair in Belfast/City

United Kingdom

Section

UK approves $621 million to Tata Steel's Welsh site

LONDON, UK: In a deal aimed at securing the future of the British steel industry, the United Kingdom (UK) government ...

Ukraine War Pushes NATO to Bolster Drone-Tackling Expertise

Vredepeel, Netherlands - A small drone flits over opened earth, and an explosion appears on the video feed.The drone has ...

6 Young Portuguese Activists Head to Court in Climate Fight

COSTA DA CAPARICA, Portugal - Sofia Oliveira was 12 years old when catastrophic wildfires in central Portugal killed more than ...

Nijjar killing: US confirms intelligence sharing by Five Eyes made Canada allege India role

New York [US], September 24 (ANI): Wading into the ongoing diplomatic showdown between India and Canada, David Cohen, the US ...

Ukraine's Peace Plan, Grain Deal 'Not Realistic,' Lavrov Says

Russian Foreign Minister Sergey Lavrov castigated Ukraine's proposed 10-point peace plan and spurned a revival of the Black Sea Grain ...

ATP roundup: Alexander Zverev advances at Chengdu Open

(Photo credit: Danielle Parhizkaran-USA TODAY Sports) World No. 10 Alexander Zverev of Germany defeated unseeded Pavel Kotov of Russia 7-6 ...

International

Section