Orbán: Government keeps making decisions that push down inflation
Hungary’s government is continuing to make decisions with the aim of pushing down inflation, Prime Minister Viktor Orbán told public radio on Friday.
Speaking from Brussels, where he is attending a European Union summit, Orbán noted that the government had been working to combat price increases ever since inflation first took hold. Measures to bring inflation down to single digits by year-end were now showing results, he said, adding that wage growth was expected to outstrip inflation by July or August.
The government’s economic protection action plan is designed to protect jobs, pensions and the value of family support, he said.
Ceasefire, peace talks needed to end Ukraine war
A ceasefire and peace talks are needed to end the war in Ukraine, Viktor Orbán said on Friday.
Orbán told public radio in an interview that there were two schools of thought for assessing the war in Ukraine, with “the big ones” stating that they should continue their current action because their plan would bring success and Russians could be defeated by Ukrainian soldiers, western money and equipment.
Attending the EU summit, Orbán added that he was alone with his contrary opinion. A year and a half has passed and it brought “zero results, or even negative results, because we have not defeated Russia; the Russian leaders are still in their positions and the Russian economy is doing well, thank you”, Orbán said.
At the same time, “we have suffered from high inflation, we have run out of money to support Ukraine and it is obvious that the counterattacks launched by Ukrainians are difficult, and it is questionable whether there is any hope of success,” he said.
“A huge number of people have died and even more will die. The resulting destruction, human suffering and pain is immeasurable, so every means must be used to achieve a ceasefire and peace talks,” Orbán added.
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3 Comments
Well. For the time being, we still are well in double digit inflation space, heading the entire EU with over 20 percent, consumer index over 25 percent. Lots of talk, it has been like this for a while.
https://www.statista.com/statistics/225698/monthly-inflation-rate-in-eu-countries/
Re peace talks – Ukraine will want security guarantees, a la Budapest Memoranda, but now something they can rely on:
https://en.wikipedia.org/wiki/Budapest_Memorandum
No recommendations, solutions, whatever on this point. “Many more people will die” says the man who states “We will bear it when we must, and we will push back when we can. We draw swords when there is a chance, and we resist when long years of oppression come” regarding the 1956 uprising, and then basically asks Ukraine to roll over?
Ecstatic laughter – when Orban gives opinions in the decline of his Prime Ministership.
Orban the “Driver” the enforcer that see’s us as a country in the mire we are to-day.
The Orban Government by price capping FEED inflation in Hungary, that factually is running still at 40%.
Orbans latest CRISIS decision to cease capping will NOT impact on Inflation, see it rapidly trend downwards in the sickening and weakening on the cusp of collapsing Hungarian economy.
Hungary can expect INFLATION to creep higher as there are no FACTORS within the componentry of the Hungarian Economy to trend Inflation down.
We can expect sooner than later ANOTHER crash downwards of the Forint, through principally lack of interest and confidence in investing into Hungary.
The Property and Construction sectors of our economy are in a CRASH or in turmoil, through the disjointed growing of number of Sellers over Buyers.
The down side in the property market is DISTANCED to finding its BOTTOM.
Orban leads a Government that is in a position that see’s it – HORRENDOUSLY in a Cash crisis.
We will see further ORDERS issued by Orban that will effect the pockets of MILLIONS – battling Hungarians, in an attempt to raise cash, through tax measures.
We remain in a GROWING decline trend – a place through Orban that he has taken Hungary, that is a Cataclysmic Disaster – that will WORSEN.
Month over month inflation turned negative in May (-0.4%). The prior three months were 0.8, 0.8, 0.7. The past four months data imply an annualized rate of 5.7%. If we can see a full half year of low inflation it could be deemed to be under control. All those high prices are now baked into the economy. The problem now will be wage inflation as workers demand a raise commensurate with the loss of purchasing power over the past year. They won’t get raises near the full amount of inflation so we will have an effective drop in the standard of living and this is going on around the world at different degrees with Hungarians probably suffering worse than others.