Hungary's inflation could be between 15% and 18% next year, the National Bank of Hungary's governor said on Monday, sharply criticising the government's price caps imposed on fuels, basic foodstuffs and mortgages.
Governor Gyorgy Matolcsy told a parliamentary committee that "all price caps should be phased out immediately", according to a transcript of the meeting released to Reuters, in which he also slammed the government's expansionary fiscal policy in 2021, which he said had exacerbated inflationary pressures.
"We, the NBH have warned that the government's crisis management strategy of the past half year has been wrong," Matolcsy said, referring to the price caps, voicing unusually strong criticism of government measures. He said the price caps had prompted retailers to raise the prices of other, non-capped-price products, adding 3% to 4% toMatolcsy has been an ally of Prime Minister Viktor Orban, and rarely criticised the government in the past.
He also cited the fuel price cap, which has encouraged people to consume more despite the energy crisis, saying it was "absurd". Retail sales data earlier on Monday showed fuel sales jumped 19.7% in annual terms in October. "We have said this to the government several times," Matolcsy said referring to ending the price control measures.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here's why Apple might feel compelled to spruce up iPhone 15 and iPhone 15 PlusA report from Japanese investment house Nomura says that Apple is looking to reduce the specs and feature gap between its cheaper and more-expensive iPhone 15 models.
Read more »
BMW preparing more price increases for 2023 lineupBMW raises prices on its 2023 lineup for the second time after prices jumped as much as $5,000 in June. This time the increases range from $500 to $2,800.
Read more »
Watch the Dior Runway Show LiveSee the Men's Pre-Fall 2023 collection as it comes down the runway in Cairo.
Read more »
Heather El Moussa and husband Tarek share 1st look at their new HGTV showThe couple's post also congratulated Tarek's ex-wife, Christina Hall, on her new series.
Read more »
Analysis | The 2023 NFL draft is already promising first-round fireworksAnalysis: Blockbuster trades and upside-down standings could make the 2023 NFL draft truly unpredictable.
Read more »
We Get Up Close To The 2023 BMW XM Plug-In Hybrid SUV | CarscoopsWith 644 hp and a 735+ hp variant on the horizon, the era of BMW M plug-in hybrids has arrived
Read more »