Enough is enough! We are putting an end to unjustified price hikes! – With this message, Prime Minister Viktor Orban posted a short video on his Facebook page in response to February's consumer price trends.
PM Orban emphasized that, in an effort to curb excessive and unwarranted price increases, the government had held discussions in recent days with representatives of major retail chains.
Unfortunately, the retailers' proposals fell far short of our expectations, which is why we had to decide to implement measures in the trade sector, he indicated.
Starting in mid-March, retailers' profit margins on thirty essential food items may not exceed ten percent.
"In recent times, the markup on eggs has reached 40 percent, while for butter and sour cream, it has exceeded 80 percent," PM Orban highlighted.
"Let’s be honest, this is unacceptable," he declared.
"For all food products where margins have spiraled out of control, prices must be lowered so that the consumer price does not exceed the purchase price by more than ten percent."
And this is something that we'll enforce," Mr. Orban stressed.
The measures will take effect in mid-March and will remain in force until the end of May, he stated.
"We will then review them, and if necessary, we will extend them," he emphasized. "We will put an end to excessive and unjustified price hikes," Mr. Orban said.
