EU Record Inflation in Hungary

Hungarian inflation unexpectedly jumped to 3.8% percent in July. After that announcement last week by the country's Central Statistical Office said last week, it has now also become clear that nowhere in Europe such a rate of price rise has been measured, portfolio.hu reports.

The financial website notes that one-off effects also played a role in this record as excise duties on tobacco products and fuels also increased.

"Everyone was surprised last week that inflation in Hungary jumped from 2.9% in June to 3.8%. Analysts had previously calculated a value of 3.2-3.3%, which means that the actual data significantly exceeded the forecasts, no one expected such a jump," the site writes.

On Wednesday, Eurostat also published statistics on the harmonized index of consumer prices for July. This may differ by at least a few tenths of a percentage point from the Member States' inflation figures, but these are comparable statistics. In Hungary, according to Eurostat methodology, the price increase was 3.9% compared to July last year,

The conclusion drawn by portfolio.hu is that no greater price increase has been measured anywhere in the European Union, only the Polish and Czech data came close - followed by a big gap.