High Inflation Not Seen in Hungary for Over 20 Years

In May, consumer prices were on average 10.7% higher in Hungary than a year earlier. Over the past year, food and consumer durables have seen the biggest price increases. Consumer prices rose by an average of 1.7 % in one month, the country's Central Statistical Office reports.

In 12 months, compared to May 2021:
A price rise of 18.6% was recorded for food, within which 41.4% for margarine, 37.5% for bread, 35.4% for cheese, 34.3% for poultry meat, 33.3% for pasta products, 30.3% for milk products, 29.9% for eggs, 27.3% for rolls, 12.8% for seasonal food items (potatoes, fresh vegetables and fresh domestic and tropical fruits altogether), 10.0% for non-alcoholic beverages and 3.9% for chocolate and cocoa as well as sugar. Alcoholic beverage and tobacco prices rose by 6.4% on average, within which alcoholic beverage prices by 8.1%. Consumers paid 11.4% more for consumer durables, within which 18.4% more for kitchen and other furniture, 18.3% more for living and dining room furniture, 15.4% more for second-hand passenger cars and 10.6% more for new passenger cars. The price of household repair and maintenance goods became 28.3%, pet food prices 22.3% and motor fuel prices 10.8% higher. Service charges were up by 6.8%, within which the repair and maintenance of dwellings cost 20.1% and the repair and maintenance of vehicles 14.4% more for consumers.

In one month, compared to April 2022:
Consumer prices increased by 1.7% on average. Food became 3.5% more expensive, within which aggregate group higher prices were recorded for all product groups apart from the group of fresh vegetables: butter became 9.0%, salami, sausages and ham 8.2%, milk products 7.0%, pasta products 6.7%, cheese 6.3%, rolls 6.0%, bread 5.8%, other meat preparations 5.4% and poultry meat 5.2% more expensive. A price increase of 1.3% was measured for alcoholic beverages and tobacco, 1.1% for clothing and footwear and 0.9% for consumer durables, within which latter living and dining room furniture became 2.5%, kitchen and other furniture 1.3% and second-hand passenger cars 1.0% more expensive. The price of household repair and maintenance goods rose by 3.5%. Consumers paid 0.7% more for services, within which 11.9% more for a taxi, 2.9% more for recreation in the country and 1.3% more for the repair and maintenance of dwellings as well as for other public entertainment.