GFM: the government will extend the mandatory promotions until the end of June 2024
In order to further reduce inflation, the government will extend the mandatory campaign until the end of June 2024, the Ministry of Economic Development (GFM) announced on Wednesday.
According to the ministry’s statement, in the difficult economic situation caused by the war and the failed sanctions, the government is doing everything to protect families and restore economic growth. Sanctions and multi-price speculation pushed inflation sky high and reached a level that was beyond the central bank’s tools. In order to protect families, jobs and the economy, the government has taken over the task and responsibility of fighting inflation from the central bank – stressed the GFM.
In the announcement, it was highlighted: 2023 is the year of breaking inflation, and 2024 is the year of restoring growth. In order to curb the price increase, the government, on the recommendation of the Ministry of Economic Development, among other measures, introduced mandatory promotions from June 1, 2023, then increased its rate to 15 percent from August, and significantly expanded the range of products designated for mandatory promotions.
Related news
Vendégszerző: Fekete Zoltán főtitkár Magyar Márkaszövetség It is difficult to grow in the shadows
Our magazine asked Zoltán Fekete, secretary general of Branded Goods…
Read more >Inflation in Italy accelerated to 1.7 percent in June
In Italy, consumer prices rose by 1.7 percent year-on-year in…
Read more >MNB Director: The central bank expects 4.7 percent annual inflation this year
Inflation is expected to exceed the central bank’s tolerance band…
Read more >Related news
KSH: consumer prices exceeded the same month of the previous year by an average of 4.6 percent, and May prices by 0.1 percent
In June 2025, consumer prices were 4.6 percent higher on…
Read more >Record results and international growth at the Pek-Snack Group
The Hungarian-owned Pek-Snack Group closed last year with a record-breaking…
Read more >NAV’s inspection series at Lake Balaton and Lake Velence will start this week
The National Tax and Customs Administration (NAV) began its summer…
Read more >