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Govt Gives Watchdog Expanded Powers to Curb Higher Construction Materials Prices

MTI-Hungary Today 2021.07.09.

Hungary’s Competition Office (GVH) on Friday said the government has expanded its legal powers to probe distortions that are raising prices on the building materials market.

The government has mandated GVH’s chairman to order expedited sectoral reviews, drawing on mandatory feedback from market players to determine the reasons for distortions of competition and take necessary measures. The special rules will require tighter deadlines for affected businesses, too.

Hungary Inflation Spike Continues in June
Hungary Inflation Spike Continues in June

ING Bank chief analyst Péter Virovácz said inflation in June was significantly higher than expected by the NBH which means there is a higher chance that in July the central bank raises its base rate.Continue reading

Hungary’s government has announced a number of measures to weed out price-gougers and ensure sufficient domestic supply of building materials as prices rise.

featured image illustration via MTI/Városliget Zrt.