High Inflation Rate Not Seen in Hungary for 15 Years

Consumer prices were 8.3% higher on average in Hungary in February 2022 than a year earlier, the country's Central Statistical Office reports. The last time inflation was as high in Hungary was in August 2007.

The highest price rises over the last 12 months were measured for motor fuels as well as food. In one month, consumer prices increased by 1.1% on average.

In 12 months, compared to February 2021:
A price increase of 11.3% was recorded for food, within which 25.8% for margarine, 25.0% for bread, 22.1% for pasta products, 19.2% for poultry meat, 17.9% for cheese, 17.8% for rolls, 17.6% for flour, 16.3% for butter, 15.5% for milk products, 3.8% for sugar, 2.5% for salami, sausages and ham and 1.3% for pork. Motor fuel prices became 18.7% and the price of household repair and maintenance goods 19.2% higher. Alcoholic beverages and tobacco prices rose by 8.2% on average, within which tobacco prices by 9.9%. Consumers paid 8.3% more for consumer durables, within which 16.2% more for kitchen and other furniture, 15.0% more for living and dining room furniture, 10.0% more for second-hand passenger cars, 8.6% more for television sets and 7.3% more for new passenger cars. Services charges were up by 5.5%, within which the repair and maintenance of dwellings cost 17.4% and the repair and maintenance of vehicles 12.2% more for consumers.

In one month, compared to January 2022:
Consumer prices increased by 1.1% on average. Food became 2.1%, within which bread 7.0%, pasta products as well as margarine 6.3%, other meat preparations 5.8%, seasonal food items (potatoes, fresh vegetables and fresh domestic and tropical fruits altogether) 5.5%, fruit and vegetable juice 4.4%, coffee 4.2% and rolls 4.0% more expensive. Due to the food price maximisation measures of the government, flour became 9.7%, edible oil 9.2%, sugar 6.7%, milk 3.0% and pork 0.4% cheaper. Alcoholic beverages and tobacco prices were up by 0.8%, within which the price of alcoholic beverages by 2.2%. Consumer durables became 0.9%, within which living and dining room furniture 2.3% and kitchen and other furniture 1.5% more expensive. Consumers paid 0.7% more for services, within which the charges for the repair and maintenance of vehicles increased by 2.1% and those for the repair and maintenance of dwellings by 2.0%.