Inflation has not been as high as in 2022 since the nineties in Hungary


In August, consumer prices were on average 15.6 percent higher than a year earlier, and increased by 1.8 percent in one month, the Central Statistical Office (KSH) reported on Thursday.

Analysts expected August inflation of 15.7 percent. In the past year, the prices of food and durable consumer goods rose the most, by 30.9 and 14.8 percent, respectively. The annual core inflation was 19.0 percent, and the consumer price increase calculated for the pensioners’ basket was 15.7 percent in August, announced the KSH.

The average increase in consumer prices was 1.9, and core inflation accelerated by 2.3 percentage points from July’s 13.7 and 16.7 percent, respectively. Food prices increased by 3.3 percent in August, and the annual increase of 30.9 percent is 3.9 percentage points faster than in July.

The price of margarine rose by 66.9 percent, bread by 64.3 percent, and cheese by 61.0 percent in one year. Dry pasta 57.9%, dairy products 54.7%, butter and buttercream 54.5%, pastries 45.4%, eggs 42.0%, rice 40.9%, poultry meat and confectionery flour 40.4% became more expensive – KSH listed.

The price of seasonal foods (potatoes, fresh vegetables, fruit) increased more moderately than the average increase in food prices, by 15.9 percent. Chocolate and cocoa went up by 17.1 percent, sugar by 9.3 percent, and cooking oil by 5.0 percent more than in August last year. You had to pay 14.8 percent more for durable consumer goods, 20.9 percent more for kitchen and other furniture, 19.9 percent more for new cars, 18.1 percent more for used cars, and 19.3 percent more for room furniture.

Alcoholic beverages and tobacco products rose in price by an average of 13.1 percent, of which alcoholic beverages by 15.5 percent. The price of pet food increased by 40.3 percent, bottled gas by 27.4 percent, home repair and maintenance items by 26.7 percent, personal care items by 20.3 percent, and vehicle fuel by 6.2 percent, according to the KSH report. The price of vehicle fuels increased by 0.3 percent in one month, as a result of the exclusion of company-owned passenger vehicles from the beneficiaries of the official price, of which the higher price of fuel purchased for vehicles that can also be used for private purposes is part of the consumer price index, pointed out the KSH.

The price of services increased by 7.7 percent, including taxis by 27.3 percent, home repair, and maintenance by 21.7 percent, vehicle repair and maintenance by 18.1 percent, holiday services by 13.5 percent, and rents by 12.5 percent, they added. Compared to July, consumer prices increased by an average of 1.8 percent. Food prices rose by 3.3 percent, including dairy products and butter and buttercream by 8.2, dry pasta by 6.1, rice by 5.6, both milk and cheese by 5.4, bread by 5.3, pastries, as well as chocolate and cocoa cost 5.0 percent more, Parisian sausages 1.2 percent less. The price of durable consumer goods increased by 1.2 percent, the price of services rose by 1.3 percent, and within this, holiday services had to be paid 4.7 percent more. As the start of the new university semester approached, rents rose by 2.4 percent.

The change in the residential price of piped gas and electric energy effective from August 1st in the consumer price index calculated according to the domestic methodology – after the receipt and payment of the first invoices with a higher amount – will appear for the first time in the September data, the KSH informed. In the first eight months of the year, consumer prices rose by an average of 10.7 percent for all households, and by 10.6 percent for retired households compared to the same period last year.

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