Hungary unexpectedly plunged deeper into recession, recording the longest period of economic contraction in at least 28 years as the war in Ukraine and the government’s economic policy stifle growth. Despite government statements to the contrary, economists are warning that growth may not pick up in the second half of the year, leading to a […]

The majority of household savings are in cash, due to high inflation we are experiencing a very serious loss of wealth, Hungarian households are losing several thousand billion forints due to inflation. As the annual inflation rate hovered just above 20% in June, the toll of skyrocketing consumer prices is adding up for Hungarians. Hungary […]

Consumer prices were 20.1% higher on average in June 2023 than a year earlier, the Central Statisrtical Office (KSH) reports. According to a statement by the National Bank of Hungary (MNB), the 1.4% decrease compared to the prevous month was due to lower increase in the prices of food and industrial products. The highest price […]

Consumer prices were 21.5% higher on average in May 2023 than a year earlier, MTI has quoted official figures published by the Central Statistical Office (KSH). In one month, consumer prices decreased by 0.4% on average. The highest price rises were measured for electricity, gas and other fuels as well as food over the last […]

Consumer prices in Hungary in April were on average 24.0% higher than a year earlier. Over the past year, household energy and food prices rose the most, MTI reported on Wednesday based on data from the country’s Central Statistical Office (KSH). Compared to April last year, food prices rose by 37.9%, with dairy products (63.5%), […]

Consumer prices were 25.2% higher on average in March 2023 than a year earlier in Hungary, the Central Statistical Office reports the official figures. 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% on average. […]

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 […]