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 […]
Consumer prices were 21.1% higher on average in October 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 2.0% on average, the Central Statistical Office reports. In 12 months, compared to […]
It is increasingly apparent that Hungary’s inflation is the steepest in the European Union. Although the official inflation indicators of the Baltic countries are higher than those of Hungary, EU data from the summer show that the core inflation indicator, which contains much less distorting effects, is the worst in Hungary. The inflationary pressure intensified […]
“Cashiers and stockers complain a lot that customers are nervous, that prices are falling because of them," the top manager at Spar Hungary, Gabriella Heiszler, said in an interview with the Hungarian Forbes magazine. In fact, after a purchase, all she could say when seeing the bill is "oh my goodness," she is quoted by […]
Even though this year is marked by rampant inflation, soaring energy prices and sharply increasing interest rates, the economic situation is set to deteriorate in 2023. According to Economy Minister Mihály Varga, the worst is yet to come for the country’s economy. A recent international survey revealed that a third of European workers see the […]
The continued plunge in Hungary’s national currency is forcing the country’s decision makers to revisit earlier policy measures as the weakening forint wreaks havoc in the economy. The central bank may be forced to resume its tightening cycle while the government has indicated it could bring forward the nation’s erm-2 accession, the waiting room of […]
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, […]
At its meeting this week, the Monetary Council of the National Bank of Hungary (MNB) reviewed the latest economic and financial developments and decided to raise the central bank base rate with 125 basis points to 13.00% with effect from September 28, 2022. Experts recall that the last time the base rate was this high […]
Bread prices in the EU rose by an average of 18% on an annual basis in August this year, significantly up on the 2.7% increase recorded in the same period in 2021 compared to the same period the year before, the business news site napi.hu reports based on information from Eurostat. Hungary is the absolute […]
The Hungarian government has decided to extend the gasoline and food price freeze, the Minister heading the Prime Minister's Office, Gergely announced at the Government Info in Budapest on Saturday afternoon. According to the minister, the war and the sanctions in response response had led to a brutal rise in energy prices, which in turn […]
The digital economy has been a key contributor to the economic development of countries in central and southeastern Europe. As Europe tackles the combined crises triggered by the pandemic and the invasion of Ukraine, digital economy may emerge as the means to mitigate the impacts. The digital economy has historically been a key growth driver […]
Annual inflation, the average increase in the price of goods and services, was 15.6% in August in Hungary compared to the same month last year, with food prices increased the most (30.9%), according to according to official data The monthly inflation rate in August was 1.8%, the Central Statistical Office reports. The 15.6% annual inflation […]
The National Bank of Hungary raised borrowing costs to an 18-year high this week, taking the European Union’s highest interest rate to 11.75%. Policy makers vowed to tighten monetary conditions further, in contrast with other central banks in the region. The Monetary Policy Council of the National Bank of Hungary delivered yet another massive interest […]
Consumption growth was the most significant factor in the second quarter GDP growth figure of 6.5%, which exceeded expectations, with the tourism and logistics sectors leading the expansion. For the third quarter, analysts expect a significant contraction, the business news site napi.hu reports. In the first half of 2022, economic output was 7.3% higher than […]
Hungary’s currency, the forint, has brokern numerous negative records against the euro and the dollar in recent weeks. The trend in currency markets is similar across Central and Eastern Europe (CEE) due to the war in Ukraine and the related sanctions, the forint has staged the steepest fall in the region. What could put a […]
