Inflation at Yet Another New High in Hungary

Consumer prices were 20.1% higher on average in September 2022 than a year earlier. 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 4.1% on average, the Central Statistical Office reported this Tuesday.

In 12 months, compared to September 2021:
A price rise of 35.2% was recorded for food, within which the highest price increases for the following: 76.2% for bread, 68.0% for cheese, 66.3% for both milk products and butter, 61.2% for margarine, 60.2% for pasta products, 53.7% for eggs. The price rise of pork (22.4%), chocolate and cocoa (19.1%), sugar (10.9%) and edible oil (5.0%) was at a rate below the average. Due to the changes in regulation on household utility prices effective from 1st August, the price of electricity, gas and other fuels went up by 62.1%. Within that natural and manufactured gas cost 121.0%, electricity 28.9% more. The price of butane and propane gas increased by 45.0% and that of firewood by 43.8%. Consumers paid 14.7% more for consumer durables, within which 21.2% more for kitchen and other furniture, 20.1% more for living and dining room furniture, 19.9% more for new passenger cars. Alcoholic beverage and tobacco prices rose by 13.2% on average, within which alcoholic beverage prices by 16.5%. The price of pet food became 45.5%, household repair and maintenance goods’ prices 27.7%, detergents’ prices 24.8%, the price of toilet articles 24.5% and motor fuel prices 5.8% higher. Service charges were up by 8.2%, within which a taxi cost 28.5%, the repair and maintenance of dwellings 22.8%, the repair and maintenance of vehicles 20.5%, other public entertainment 16.6% and rents 12.6% more for consumers.

In one month, compared to August 2022:
Consumer prices increased by 4.1% on average. Food became 3.5% more expensive, within which meals at school cost 13.5%, eggs 9.8%, butter 8.3%, both bread and milk products 7.6%, milk 5.2%, seasonal items (potatoes, fresh vegetables and fresh domestic and tropical fruit) 4.7% more, and chocolate and cocoa 0.5% less for consumers. The price of electricity, gas and other fuels went up by 59.2%, due to the rise of natural and manufactured gas as well as electricity prices, came into effect on 1st August (Press release). In this group, natural and manufactured gas cost 121.0%, firewood 32.7%, electricity 28.9%, butane and propane gas 14.0% more. Toilet articles became 4.4%, detergents 3.8% more expensive. Services’ prices decreased by 0.1%, the 3.2% increase in other public entertainment prices and the 2.7% increase in price of personal care services were offset by the price decrease of 13.6% in recreational services due to seasonal effects.

In January–September 2022 compared to same period of previous year:
Consumer prices were up by 11.8% for all households on average and by 11.9% among pensioner households.