Annual Inflation Rate Still Very High in Hungary

Consumer prices were 25.4% higher on average in Hungary in February 2023 than a year earlier, the Central Statistical Office reports. Food inflation is over 43%.

The highest price rises were measured for electricity, gas and other fuels as well as food over the last twelve months. In one month, consumer prices increased by 0.8% on average.

In 12 months, compared to February 2022:
A price rise of 43.3% was recorded for food, within which the highest price increases were measured for the following: 79.2% for eggs, 76.2% for milk products, 75.1% for butter, 72.1% for cheese, 71.1% for bread, 68.6% for other confectionery products, 57.3% for pasta products, 53.7% for milk and 51.9% for rolls. The lowest price rises within the product group were observed for flour (9.8%) and edible oil (3.4%). Electricity, gas and other fuels became 49.0% more expensive. Within this, natural and manufactured gas prices went up by 78.4%, the price of firewood by 59.5%, that of butane and propane gas by 52.0% and electricity prices by 27.6%.

Consumers paid 12.6% more for consumer durables, within which 23.9% more for new passenger cars, 20.2% more for heating and cooking appliances, 19.6% more for kitchen and other furniture and 17.8% more for living and dining room furniture. Alcoholic beverage and tobacco prices rose by 18.8% on average, within which alcoholic beverage prices by 25.6%. Pet food prices became 55.5%, the price of detergents 33.4%, that of household repair and maintenance goods 28.5% and toilet article prices 28.2% higher. Motor fuels became 30.3% more expensive. Service charges were up by 11.6%, within which a taxi cost 33.2%, motorway use, renting a car and parking 27.7%, other public entertainment tickets 27.1%, the repair and maintenance of vehicles 24.7%, the recreation in the country 23.8% and the repair and maintenance of dwellings 22.0% more for consumers.

In one month, compared to January 2023:
Consumer prices increased by 0.8% on average. Food became 1.7% more expensive, within which seasonal food items (potatoes, fresh vegetables and fresh domestic and tropical fruits) cost 6.4%, coffee 6.1%, fruit and vegetable juices 3.0%, non-alcoholic beverages 2.9%, meals at canteens 2.2%, meals at restaurants 1.9%, bread 1.3% and chocolate and cocoa 1.2% more for consumers. Margarine became 2.2%, pork 0.6% and poultry meat 0.5% cheaper.

The price of electricity, gas and other fuels was cut by 2.0%, within which consumers paid 5.4% less for natural and manufactured gas. Motor fuel prices lessened by 3.6%. Pet food cost 7.0%, flowers and ornamental plants 4.9% and bed and table linen 3.0% more for consumers. Service prices increased by 1.0% on average, within which the repair and maintenance of vehicles became 2.5%, other public entertainment tickets 2.3%, recreation in the country 1.9% and personal care services 1.6% more expensive.