Inflation Shooting Up in Hungary

Consumer prices were 5.1% higher on average in April 2021 than a year earlier. Significant price rises were measured over the last 12 months for alcoholic beverages and tobacco as well as motor fuels. In one month, consumer prices increased by 0.8% on average.

In the 12 months, compared to April 2020 – according to data by the country's Central Statistical Office –, food prices were up by 2.4%, within which the price of edible oil by 22.8%, that of buffet products by 7.8%, rice prices by 7.7%, the price of margarine by 7.5%, that of flour by 7.4%, pasta product prices by 6.8% and the price of sugar and that of fruit and vegetable juices by 4.9% both.

A price decrease of 6.9% was recorded for pork, of 1.6% for other meat preparations and of 1.2% for cheese. Alcoholic beverages and tobacco prices grew by 12.2% on average, within which tobacco prices – mainly due to an increase in the excise duty on this product group – by 20.1%. Consumers paid 3.4% more for consumer durables, within which new passenger cars cost 10.4% and kitchen and other furniture 5.5% more for consumers. Motor fuel prices became 39.2% higher.

In one month, compared to March 2021, consumer prices increased by 0.8% on average. Food became 1.1% more expensive, within which seasonal food items (potatoes, fresh vegetables and fresh domestic and tropical fruits altogether) cost 3.9%, pork 3.7%, buffet products 2.3%, pasta products 1.8%, poultry meat 1.6% and rice 1.2% more, while butter and butter cream 1.1% and milk 0.3% less for consumers. Consumers paid 3.0% more for clothing and footwear and 2.4% more for alcoholic beverages and tobacco. The excise duty on tobacco rose further on 1 April, which resulted in a 3.7% increase in the price of the product group. Motor fuel prices lessened by 1.2%.