Márton Nagy: the government is keeping inflation low, the emphasis should be on increasing productivity

By: Trademagazin Date: 2024. 12. 10. 11:38

According to the latest data from the Central Statistical Office, inflation remained at a favorable, permanently low level in November, in line with preliminary government signals and market expectations. In November, inflation reached 3.7 percent compared to the previous year, while it reached 0.5 percent compared to the previous month, stated Minister of National Economy Márton Nagy in his commentary on the latest data.

Evaluating the data, Márton Nagy highlighted that the government successfully managed the inflation that had soared as a result of the war and sanctions with its economic policy measures, which it is keeping at a permanently low level.

To this end, the government will continue to maintain its effective and efficient measures, such as the online price monitoring system, which significantly increases retail competition in line with the interests of consumers. The government also supports the protection of families and the ensuring of fair competition with regular consumer protection inspections.

He highlighted that, thanks to the reduction in inflation, the purchasing power of wages has been continuously increasing for more than a year, which contributes to the strengthening of consumer confidence and the further growth of retail and tourism performance. Thanks to the persistently low inflation and the real wage increase exceeding 9 percent, increasing consumption contributes significantly to the growth of the Hungarian economy

– he emphasized.

The government aims to achieve an expansion of over 3 percent in the Hungarian economy by 2025, the foundations of which are created by economic neutrality. In order to strengthen the pace of economic growth, the government has developed a new economic policy action plan consisting of 21 measures, which will inject a significant amount of money into the Hungarian economy.

The action plan focuses on three key areas: ensuring affordable housing and rapid wage increases based on economic growth, as well as supporting and developing small and medium-sized enterprises – he recalled.

The Minister of National Economy drew attention to the fact that in order to preserve the competitiveness of the Hungarian economy and successfully implement the wage growth path, domestic enterprises, especially SMEs, must become more efficient and productive. All this will result in more competitive prices, which will help keep inflation low in the long term.