To protect people from rising expenses, Hungary has extended price controls on fuel and staple items by three months until the end of the year, according to the chief of staff for Prime Minister Viktor Orban.
Budapest has harshly criticised the European Union for putting sanctions on Russia over its invasion of Ukraine, claiming that they have failed to materially harm Moscow while driving up the cost of food and energy.
The price increases, coupled with the forint’s record-low decline, have caused Hungary’s inflation to reach two-decade highs, leading the National Bank of Hungary to raise its base rate to 11.75per cent sharply.
The government will extend a cap on mortgage rates that was initially scheduled to expire at the end of this year by “at least six months,” according to Orban’s chief of staff Gergely Gulyas, who also announced the price cap extensions beyond their original Oct. 1 expiry.

At the media briefing, Gulyas stated, “We currently consider that there is no realistic potential for an improvement as long as the (EU) sanctions are in place.”
According to Economic Development Minister Marton Nagy, Orban’s administration has also agreed to introduce an assistance programme for energy-intensive small firms that will pay for half of the increase in their energy costs over the previous year.