“I wrote this when the sky was still serene”…

By: Fekete Zoltán Date: 2022. 10. 10. 10:00

…this is how Hungarian poet Mihály Vörösmarty starts his poem, Prologue, which later reaches the point where “it’s winter now and death and snow and stillness”.

Guest writer:
Zoltán Fekete
member
Lánchíd Klub

Well, when I wrote this, one euro cost 425 forints, the dollar’s exchange rate was above 430 and the base rate was 13%. Gas bills are expected to be 10-20 times bigger, food inflation is above 30% and our foreign currency reserve is only enough for 3-4 months of import. How did we get to this point? How long will we be in this situation? The speakers at the Business Days conference in Tapolca tried to answer these and many other questions two weeks ago.

There were more of us there than ever before, and we had the chance to listen to excellent presentations and engage in honest conversations – not only in the lobby, but on the podium as well. When there is trouble, honesty and trust become even more valuable than at other times. It is understandable that the government is trying to ease the burden on people, but the measures they have opted for are only making things worse.

Meanwhile prices keep rising: according to August data from the Central Statistical Office (KSH), there are 20 essential food categories where prices grew more in the last year than in the last 20 years. This year it can be a serious dilemma in Hungarian households whether to buy food or pay the utility bills instead. As for companies, how much money will they have for innovation, marketing, sustainability and complying with the expected new regulations? It would be a real miracle now to snatch victory from the jaws of defeat. Still, I can only hope that in this difficult situation there will be less tension and more cooperation between suppliers and retailers. //