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Economy1 hour prior to now (Jan 12, 2022 01: 06PM ET)

© Reuters. FILE PHOTO: Hungarian Prime Minister Viktor Orban speaks as he arrives for an EU summit in Brussels, Belgium December 10, 2020. John Thys/Pool through REUTERS

BUDAPEST (Reuters) – Hungary’s executive will reduce the price of six frequent meals from February, Prime Minister Viktor Orban said on Wednesday amid an inflationary surge, extending label caps already in negate for vitality, gasoline and mortgages old to an April nationwide election.

Orban, who faces a now not easy fight for re-election on April 3, said the costs of flour, sugar, sunflower oil, milk, pork leg and rooster breast must be reduce support to mid-October stages from subsequent month.

“Prices are rising across Europe attributable to an enlarge in vitality prices,” Orban said in a video after a executive meeting. He said the price cuts must be utilized nationwide.

For the foremost time since taking energy in a 2010 landslide, Orban, 58, and his nationalist ruling Fidesz birthday celebration will face a united entrance of opposition parties on the ballot.

The opposition alliance involves the Democratic Coalition, the Socialists, liberals and the beforehand a long way-unbiased proper-attempting, and now centre-unbiased proper-attempting, Jobbik. The alliance is led by small-metropolis mayor Peter Marki-Zay, an brisk political outsider.

Fidesz had a five-point lead over the united opposition in a December discover by pollster Median published behind closing month.

Nonetheless, Hungarian inflation soared to a 14-365 days-excessive of seven.4% in November, above expectations. Economists polled by Reuters investigate cross-check December inflation coming in at a composed-hefty 7.2%.

Marki-Zay said Orban’s announcement represented what he known as an admission that the economic system was once in a “tragic negate”.

“An atrocious executive that starts tackling prices in the closing 12 weeks of its 12-365 days-long rule with a two-thirds (parliamentary) majority must wander,” he said in a facebook (NASDAQ:) put up.

In November, Orban offered a 3-month cap on gasoline prices that would be extended after a review in February.

Orban has also imposed a cap on retail mortgage hobby rates unless the head of June to protect debtors from rising mortgage repayments after surging inflation forced the central bank to hike hobby rates grand elevated than beforehand expected.

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