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Consumer prices take record drop

Food

Consumer prices in June decreased by 0.3% compared with June a year ago, the steepest decline in prices since statistics have been kept in Hungary, the Central Statistics Office (KSH) revealed today.

This drop is in line with the National Bank of Hungary's latest projection, but was more than most analysts had predicted, and it is likely to spark new concerns about deflation.

As compared with the previous month, consumer prices edged up 0.1% in June, KSH said.

KSH reports about food prices decreasing by 1.3% in June 2014 year-on-year: Sugar  dropped by 17.1%, flour by 16.3%, seasonal food items by 15.6%, edible oil by 10.8% and bread rolls by 3.2%. But there was a significant increase in the prices of dairy – cheese and milk by 9% and 8.5%, respectively.

Tobacco and alcohol prices rose by 7.7% year-on-year in June. Meanwhile motor fuels rose by 0.9% in the same period, while consumers paid 12.3% less for electricity, gas and other fuels.

In the month between May and June, motor fuel prices grew at a “higher than average” rate of 0.8%, while consumers had to pay 0.3% less for tobacco and alcohol, according to KSH.

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