Highest Inflation Rate in Hungary for 24 Years

Consumer prices in Hungary were 13.7% higher on average in July 2022 than a year earlier and the highest in twenty-four years. The largest price rises were measured for food and consumer durables year-on-year. The seasonally adjusted so-called core inflation was 16.7%, one of the highest in Europe. In one month, consumer prices increased on average by 2.3%.

In 12 months, compared to July 2021:
A price rise of 27.0% was recorded for food, within it mostly margarine (by 65.8%), bread (by 57.9), cheese (by 52.6%), pasta products (by 49.1%), milk products (by 43.8%), poultry meat (by 38.8%), rolls (by 38.5%) and eggs (by 37.5%) became more expensive. The price of seasonal food products (potato, fresh vegetables, fruits) went up at a rate below the average, by 13.0%.

Chocolate and cocoa cost 12.7%, sugar 8.4% and edible oil 6.9% more. Consumers paid 14.0% more for consumer durables, within it 20.1% more for kitchen and other furniture, 18.2% more for living and dining room furniture, 17.9% more for second-hand passenger cars and 17.5% more for new passenger cars.

Alcoholic beverage and tobacco prices rose by 11.2% on average, within it alcoholic beverage prices grew by 13.2%. The price of pet food became 33.1%, household repair and maintenance goods’ prices 26.5%, the price of toilet articles 16.9% and motor fuel prices 6.7% higher. Service charges were up by 6.8%, within it taxi cost 27.4% more, repair and maintenance of dwellings 20.7%, the repair and maintenance of vehicles 16.4% and recreational services were 13.1% more expensive, the Central Statistical Office reports.

In one month, compared to June 2022:
Consumer prices increased by 2.3% on average. Food became 4.1% more expensive, within it other confectionary products cost 21.3%, bread 12.7%, pasta products 7.8%, rice 7.4%, cheese 6.9%, non-alcoholic beverages 5.7%, milk products 5.5%, rolls 5.4% more for consumers, while the price of seasonal food items decreased by 3.7%.
A price rise of 3.7% was observed for alcoholic beverages and tobacco, within it, tobacco prices increased by 3.8%, alcoholic beverages by 3.6%, due to the increase in excise duty for both product groups. A price increase of 1.9% was measured for consumer durables, within which new passenger cars being 4.7% more expensive. Prices of services increased by 1.6%, within these consumers paid 10.3% more for recreational services, 9.7% more for postal services and 4.6% more for other public entertainment (sports and museums).

In January–July 2022 compared to same period of the previous year:
Consumer prices were up on average by 10.0% for all households and by 9.9% among pensioner households.