Fidesz sets out goal for 2024

The ruling party's goal is for wage growth to be higher than inflation next year.

Polgári Piknik Kötcsén Fotó: Miniszterelnöki Sajtóiroda/Fischer Zoltán

"We will not stop until inflation is driven down to single digits," Hungary's ruling Fidesz said on its social media page,

underlining that 2023 is the year to curb inflation. 2024 is the year of economic and real wage growth.
 

The governing party's goal is for wage growth to be higher than inflation next year.

As reported by Magyar Nemzet, thanks to the government's measures, prices have been on a downward trend for seven months now, with the introduction of mandatory special offers, the increasing of the discount rate from ten to 15 percent, and the online price monitoring platform  contributing significantly to this.

Food inflation falling below 20 per cent to 19.5 per cent in August is a significant milestone, meaning that the government's measures have cut sanctions-related food inflation by more than half from its peak of 44.8 per cent in December. This could stimulate demand, helping consumption to expand again.

Earlier, government spokeswoman Alexandra Szentkirályi noted that since the phasing out of price caps in August, competition between stores has become brutally fierce, with vegetable prices being the main area of a steep drop. For example, the price of new potatoes has fallen by more than 45 per cent on average, green peppers by 37 per cent and eggs by 27 per cent.

It is not the multinationals that need help now, but the people, so we will not let the multis profiteer and further fine-tuning is to be expected regarding the online price monitoring for example,

she said.

Cover photo: Viktor Orban, president of Fidesz, at Kotcse (Photo: Zoltan Fischer/PM's Cabinet Office)