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Breaking – government extends fuel, food price caps!
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The government will extend price caps on food and petrol to 1 October, while the loan moratorium and cap on mortgage rates will apply until 31 December, Prime Minister Viktor Orbán said on Thursday.
Orbán said on Facebook that the price of petrol will remain 480 forints (EUR 1.2) per litre. However, that is true only for those car owners, who have Hungarian license plates. You can find all the relevant details in THIS article.
Finance ministry: Tax cuts, pension, wage hikes to total nearly HUF 3,300 bn
The total amount of tax cuts and pension and wage increases will be close to 3,300 billion forints (EUR 8.3bn) this year, the finance minister said on Thursday. Mihály Varga said on Facebook that the government was protecting Hungary from an economic crisis caused by the war. As a result, it will preserve family support, maintain the value of pensions and wages and will reduce the budget deficit and public debt, he added.
Taxes on labour will be reduced by a total of 750 billion forints, tax rebates for families will total 685 billion forints, pension increases in January and July will total 400 billion forints and 13th-month pensions will total 370 billion forints, he said.
Ah, so centralised price control on everything! How Hungary so seems to want to go back to Soviet-era style control! When will Budapest be renamed to Moskpest and the red star once again being featured on the top of the parliament building? Let’s face it, Orbán and Putin are a bromance….purely for financial reasons. Next will be a way to confiscate private property – mark my words. The end is neigh!
Just imagine you are the owner of a small gas station in rural Hungary….forced to sell fuel at a loss of about 200ft per liter. The government is making you go bankrupt. And still the VAT on fuel is 27%.
Never go into business in Hungary. You never know what will happen tomorrow. Maybe there will be a price cup on rent, on cars, on everything.
As of 8 June, inflation stands at 10.7%. Surpassed the predicted 10.5%. Highest for 21 years. For information on the Hungarian economy I recommend the website Trading Economics. It’s far more accurate in its detail than our government.