Budapest boasts cheap energy prices

Analysis

Budapest had the third cheapest household electricity price in July out of 23 European cities, Hungarian daily Népszabadság reported today, citing data from Hungary’s energy office. As to household gas price, the Hungarian capital was the second cheapest city in July.

According to those figures Budapest improved its ranking : a year ago, the city was ranked seventh in terms of cheap electricity fees, and was already the second cheapest for gas.

However, based on the purchasing power, the capital was the seventh most expensive European city for residential electricity price. It was the fourth cheapest for gas, says the newspaper.

The report doesn’t say whether the European ranking looks at prices before or after VAT. Hungary imposes a 27 % VAT  - the highest rate in the European Union - on household utility fees. Last year the Hungarian government forced energy distributors to reduce residential utility fees, which saved Hungarian households 20 % on their utility bills.

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