Finance Minister Maric: There are no signs that consumers are panic buying

NEWS 31.03.202215:33 0 komentara
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 Finance Minister, Zdravko Maric, said on Thursday that his ministry's data shows "no disruptions or major deviations in consumer behavior" over the past few months, calming the public amid some reports in local media which warned of noticeably increased spending due to the Ukraine war and fears of food shortages.

“Data collected from retail receipts and tax revenues point to that… There should be no shortages. There’s plenty of everything on store shelves,” he added.

Croatian retail sector reports every receipt in real time to the central registry at the Finance Ministry, and the data on these receipts is considered a key indicator showing retail trends and spending.

The government recently cut tax rates for a number of foodstuffs and in response several retail chains moved to advertise discounted prices even before the decision took effect. Maric said that this was a good thing, explaining that this helps avoid “creating the impression that only government officials are trying to reassure the public” about food prices and food stocks.

He said he would raise the issue of inflation with retailers and that the logic behind slashing VAT rates was to help ease price hikes.

Maric was also asked by reporters to comment on Croatia’s efforts to meet the conditions to join the European Exchange Rate Mechanism (ERM) – a prerequisite to join the euro zone – Maric said that it would cost “an additional €700 million by June” and that the government expected a positive convergence report from the European Commission that month.

As a condition which Croatia agreed to when it joined the EU in 2013, the country is expected to replace its currency, the kuna, with the euro, some time in the future. Usually countries hoping to join the euro zone have to spend a minimum of two years in the ERM II, a system designed to test the stability of their currency, and also comply with several other criteria, before they are approved to join the club.

Maric said on Thursday that the government’s goal is to introduce the euro on 1 January 2023, while complying with all requirements.

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