Minister of Economic Development: we are on the right track in the fight against inflation

By: Trademagazin Date: 2023. 07. 07. 13:01

Thanks to the government’s targeted measures, the trend-like and ever-increasing decrease in sanctioned inflation continued: according to the latest data from the KSH, in June 2023 – by another 1.4 percentage points – inflation decreased to 20.1 percent on an annual basis, commented the latest data, stated the Minister of Economic Development minister.

In a statement delivered to MTI on Friday, Márton Nagy highlighted that “the rate of sanctioned inflation has already decreased by a fifth compared to the peak in January, and the current figure is the most favorable since last September”.

The minister pointed out that the mandatory promotions introduced in June are working effectively and suppressing inflation effectively: stores now announce the promotions by bidding on each other, as a result of which food inflation on an annual basis showed a more favorable level in June by 4.2 percentage points compared to the previous month. Compared to May, the prices of seasonal vegetables and fruits, butter, milk and pasta showed a significant decrease. Márton Nagy added that “the government is continuously and actively working to reduce the sanctioned inflation to single digits”.

Nearly 350,000 people have already used the online price monitor, which was launched on July 1, and the increased competition has led to the fact that some stores have already reduced their prices. From August, the government will increase the rate of mandatory promotions from 10 to 15 percent, which will also cover price-capped products, so that basic foodstuffs will continue to be available at favorable prices.