We need to be prepared for persistently higher food prices

By: Trademagazin editor Date: 2020. 08. 25. 11:58

Hungary is a world champion with a VAT rate of 27%, and inflation is also the highest in the European Union. Some experts are calling for a reduction in VAT, but this may not be the most effective way to curb prices – agrarszektor.hu wrote.

For months, food prices have risen above average, and the price of fruit has risen the most: a kilo of raspberries is around three thousand forints, and apples almost double as much as a year ago. As for the average, Hungary had the fastest rate of money deterioration of 3.9% of all EU countries in July, according to 24.hu. Rising prices have led to a noticeable increase in family spending, which is why some politicians and experts are calling for a VAT cut. (agrarszektor.hu)