Food markup cap reduces prices by 20%

Róbert Zsigó, a state secretary at the Culture and Innovation Ministry, said prices of food products affected by a mandatory cap on markups have fallen by 20pc, on average, since the government introduced the measure on March 17.

Speaking on commercial broadcaster TV2 on Thursday, Zsigó said prices of close to 870 of the some 1,000 food products affected by the 10pc markups cap had dropped. He added that the prices of 276 products had fallen by more than 30pc.

Zsigó noted that the European Commission had launched infringement procedures against Hungary seeking the rollback of the food markups cap and another, 15pc cap on a range of household products. He added that Hungary had been attacked repeatedly for putting the interests of its citizens ahead of the profits of multinationals.