The freezing of retail prices for sunflower oil and other food products in Hungary has fully justified itself, said Istvan Nagy, Minister of Agricultural Development of the country in an interview published in Világgazdoság online newspaper.
Fixed prices for eggs, potatoes, sugar, wheat flour, sunflower oil and chicken meat have been in effect in Hungary since February. The government limited the prices of these food products when they began to rise sharply (up to 40%), which has become a serious socio-economic problem for the country.
“In this situation, the freezing of food prices met our expectations. This measure helped protect families and pensioners from price increases caused by the sanctions,” Nagy added.
Meanwhile, in December, the retail price freeze on butter and other products was extended until April 30, 2023. The measures were taken to support low-income people.
“Brussels’ misguided sanctions have caused energy prices, and consequently food prices, to reach historic highs across Europe, and oil sanctions have further exacerbated the situation,” Nagy said in a statement.