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Telco, Banking Sectors Drive Service Price Inflation in Spring

MNB

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Higher prices in the banking and telecommunications sectors accounted for a big part of service price inflation early in the year, the National Bank of Hungary (MNB) said in a report released on Thursday, state news wire MTI writes.

In May, when market service prices climbed 9.7%, retrospective repricing in the banking and telecom sectors accounted for one-third of the increase. For comparison, in 2017-2021, prices in the sectors reduced headline inflation by 0.2 pp.

The central bank noted that service price inflation in Hungary was the highest in the European Union early in 2024.

Even excluding the impact of retrospective pricing, inflation in market services remains high, it said, pointing to a 9.2pc increase in the prices of market services other than those affected by retrospective pricing.

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