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Reuters
Reuters
Business

Hungary to phase out some of its price caps as inflation comes down -PM Orban

FILE PHOTO-Hungarian Prime Minister Viktor Orban delivers his annual State of the Nation speech, in Budapest, Hungary, February 18, 2023. REUTERS/Bernadett Szabo

Hungary's government aims to phase out price caps on basic food and mortgage rates gradually as inflation slows, Prime Minister Viktor Orban said on Friday, without giving an exact timeline.

Orban is facing his biggest challenge since coming to power in 2010 as the economy slows sharply, with the central bank's interest rates at the highest in the European Union and annual inflation running at more than 25%.

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