Hungary’s central bank Governor György Matolcsy slammed the Cabinet’s economic policy making, claiming it “took a wrong turn” ahead of the outbreak of war in neighboring Ukraine. The criticism shows a widening rift within the ruling Fidesz party, which could pose a new risk for the country. György Matolcsy, governor of the National Bank of […]

Consumer prices were 25.4% higher on average in Hungary in February 2023 than a year earlier, the Central Statistical Office reports. Food inflation is over 43%. 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 0.8% […]

Hungary’s interest rates are the highest in the European Union. Even though market sentiment is improving, as evidenced by the rapid appreciation of the Hungarian currency, the central bank is expected to keep rates unchanged for a long time to ensure that fundamentals are solid enough for monetary easing to commence. The National Bank of […]

Hungary’s economic performance stumbled at the end of last year, confirming analyst views that the economy was in a technical recession from the second half of last year. The government expects the economy to expand in 2023. Hungary’s statistical office reported a contraction for a second consecutive quarter this week. Gross domestic product (GDP) fell […]

Consumer prices were 25.7% higher on average in January 2023 in Hungary 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, the country's Central Statistical Office reports. In one month, consumer prices increased by 2.3% on average. The annual […]

Hungary’s ruling Fidesz party faces probably the toughest year of its 13-year reign at the helm of the country. The economic picture is bleak and the silver lining very slim. The energy crisis engulfing Europe and Hungary, the ongoing stand-off with the EU and consequent freezing of funds, and the impact of the war in […]

Skyrocketing inflation in Hungary is starting to take its toll on households spending. While retail sales climbed slightly higher in November due to increasing fuel sales, turnover in food shops showed a significant decline, reflecting the impact of severe inflation and indicating that that more and more households are in serious trouble. Policy makers expect […]

Hungary has made it to the World Bank's latest top ten list, which summarizes the countries where food prices have risen the most. According to the institution, food prices in Hungary have recently risen by 44%. The report says Zimbabwe tops the list with an increase of 321%, followed by Lebanon with 203% and Venezuela […]

Average annual inflation is likely to be in the range of 15-19.5% next year, while economic growth could be in the range of 0.5-1.5%, according to Barnabás Virág, Deputy Governor of the National Bank of Hungary (MNB). He explained the main forecasts of the Bank's latest Inflation Report at a press conference on the Monetary […]

Inflation in Hungary in November outpaced that in the formerly leading Baltic countries. It far exceeds inflation in other countries in the region and is more than double the EU average. Moreover, it continues to accelerate as competitors’ rates slow down. Figures published by Eurostat, the statistical office of the European Union, show that inflation […]

Hungary is teetering on the brink of an economic “crisis” and it is one of the “most economically vulnerable” countries in the world, the central bank governor warned. Adopting an unusually critical tone, György Matolcsy blasted the policy mistakes committed by the government of Prime Minister Viktor Orbán in handling the crisis. The Governor of […]

The annual inflation rate in Hungary was 22.5% in November, another record high for more than twenty years. As in previous months, food and energy were again the most expensive items, but this figure does not include the impact of scrapping the capped gas(oline) prices, which will only be felt in January. In one month, […]

A large number of retail outlets, including grocery stores, have been closed in the past decade and a half, and the Hungarian network has shrunk by thousands compared to pre-pandemic levels, the business news site napi.hu reports. Although average wages are on track for double-digit growth again this year, inflation is spoiling the overall picture. […]

The EU’s statistical office, Eurostat has published the inflation rankings in the European Union, which shows that in October, inflation was higher in only two countries than in Hungary, portfolio.hu reports. The annual inflation rate in Hungary was 21.9%, almost double the EU average of 11.5%. The lowest inflation was recorded in France in October, […]

Agricultural producer prices were on average 61.0% higher in September than a year earlier, with the rate of increase jumping by 8.1 percentage points after 2.2 percentage points in August, according to the latest data released by the Hungarian Central Statistical Office (KSH) . The purchase price of live animals was 69.2% higher than in […]