Gergely Gulyás, Head of the Prime Minister's Office, said the government has decided to extend a mandatory cap on markups for a range of food products until the end of August.

At a weekly press briefing on Wednesday, Gulyás highlighted that the 10pc markups cap was rolled out in mid-March and was initially set to wind up at the end of May.

Gulyás said the markups cap was a "good tool against unjustified price increases". He noted that the government had also recently introduced a mandatory 15pc markups cap on some household products.

Both markup caps will remain in place until "at least August 31", he added.

Monitoring for compliance and enforcing the markup caps are a "priority task" for the consumer protection and competition authorities, Gulyás said.

The government will take "firm steps" against all unjustified price increases, he added.