Minister of National Economy Márton Nagy in the GVH podcast

By: Trademagazin Date: 2024. 02. 20. 11:23

What factors caused the development of record inflation in Hungary and what is the reason for the rapid reversal of monetary deterioration? For what reasons did food inflation rise and then fall by less than a tenth in just one year? Among other things, Minister of National Economy Márton Nagy answered these questions in the latest podcast of the Economic Competition Authority (GVH). In the conversation, Bálint Horváth, GVH’s communications manager, also asked how market competition contributed to curbing inflation, why it was important to launch and continuously develop the online Price Monitoring System, and what targeted intervention points are needed to restore economic growth.

“As suddenly as it came, inflation disappeared as quickly as a result of the effective measures, which practically collapsed by January, so it is no longer a significant problem from the point of view of the economy”

– highlighted the Minister of National Economy, Márton Nagy, on February 15, 2024, at the first event of the Hungarian Compliance Academy (MCA), in Budapest, at the headquarters of the Economic Competition Authority (GVH).

Before the event, Márton Nagy gave an interview to the GVH podcast channel. Among other things, the Minister of National Economy spoke about the fact that inflation was driven by the supply side instead of the demand side in Hungary, as a result of which the fiscal and regulatory policies were able to effectively manage inflation. From the very beginning, the government fought with effective and efficient measures to break inflation, such as the food price freeze, the fuel price freeze, support for energy-intensive businesses, the saving of unfavorable fixed-exchange contracts, the electricity price cap, or even mandatory campaigns and online Price monitoring system.