Economy

The average price of the 95 petrol will be HuF 5 more from the middle of the week, in the case of diesel the increase will be HuF 7.

The government is investing 5.6 billion forints (EUR 15.6m) in a new fund of venture capital fund manager Euroventures through state-owned venture capital fund manager Széchenyi Funds, Finance Minister Mihály Varga said.

Hungary must defend the achievements of its public utility cost reduction scheme, Prime Minister Viktor Orbán said.

Output of Hungary’s construction sector grew by an annual 10.2% in August, the Central Statistical Office (KSH) said on Thursday.

The Socialists on Wednesday called on the government to cut VAT on basic foodstuffs to 5% and of other food products to 18%, saying ruling “Fidesz has unleashed brutal price hikes in the country”.

By the end of September, Hungary had reserves of over 5.28 billion cubic meters of natural gas, more than enough to cater to the country’s needs throughout the winter, the Hungarian energy and public utility authority (MEKH) said on Wednesday.

In an effort to ease the burden on businesses in light of its policy of raising the minimum wage to a monthly 200,000 forints (EUR 555), the government is proposing a 4 percentage point reduction in the social contribution tax, an official of the innovation and technology ministry said after wage talks on Wednesday.

Hungary has been granted a derogation from European Union rules for two tax measures until the end of 2024, state secretary for tax affairs Norbert Izer said in a statement.

MOL will further increase the trading price of petrol and diesel.