Hungary’s Food Price Inflation Among the Highest

Hungary has made it to the World Bank's latest top ten list, which summarizes the countries where food prices have risen the most. According to the institution, food prices in Hungary have recently risen by 44%.

The report says Zimbabwe tops the list with an increase of 321%, followed by Lebanon with 203% and Venezuela with more than 150%. From Europe, only Turkey and Hungary that are included among the top ten on the current inflation list.

According to the Central statistical Office (KSH), consumer prices in November 2022 in Hungary were on average 22.5% higher than a year earlier. Food prices have risen by 43.8%, with meat products showing an even higher increase of over 50%.

Just before Christmas, the National Bank of Hungary (MNB) published its latest inflation report, which says that next year will be tough: inflation is expected to be between 15-19.5% in 2023.

The first version of MNB's recent inflation report predicted a 42% rise in food prices, but the since revised figure, 29.7%, is no less shocking.