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Hungarian annual inflation highest in EU

The annual inflation rate in Hungary was 4.7% in January 2020, which is the highest among European Union member states, according to data by statistical agency Eurostat.

The second-highest rate was registered in Romania (3.9%), followed by the Czech Republic and Poland (both 3.8%). The lowest annual rates were registered in Italy (0.4%), Cyprus (0.7%), Denmark and Portugal (both 0.8%). 

The euro area annual inflation rate was 1.4% in January 2020, up from 1.3% a month before. In January 2019, the rate was 1.4%. EU annual inflation was 1.7% in January 2020, up from 1.6% in December. The rate stood at 1.5% in January 2019.

Eurostat says that compared with December, annual inflation fell in five Member States, remained stable in five and rose in 18.

In January, the highest contribution to the annual euro area inflation came from services (+0.68 percentage points, pp), followed by food, alcohol & tobacco (+0.40 pp), energy (+0.19 pp) and non-energy industrial goods (+0.08 pp)

As the Budapest Business Journal reported earlier, significant price rises were measured over the past year for motor fuels, alcoholic beverages and tobacco as well as food in Hungary, according to data by the Central Statistical Office (KSH).