Consumer price levels below EU avg in 2020
Photo by maxbelchenko / Shutterstock.com
In 2020, price levels for consumer goods and services in Hungary were well below the EU average, according to data by statistical agency Eurostat.
The lowest price levels in the entire EU were found in Romania (55% of the EU avg), Bulgaria (56%), and Poland (58%). In Hungary, price levels for consumer goods and services stood at 62% of the EU average, the fourth-lowest rate among member states.
At the other end of the spectrum, Denmark (141% had the highest price level, followed by Ireland and Luxembourg (both 136%), Sweden (130%), and Finland (126%).
In 2020, the price level for restaurants & hotels was three times as high in the most expensive member stat as in the cheapest one. Price levels ranged from 46% of the EU average in Bulgaria, followed by Romania (53%) and Hungary (56%), to 154% of the average in Denmark, ahead of Sweden (138%) and Finland (131%).
Alcohol & tobacco ranked second in terms of price level difference, with the lowest price levels registered in Bulgaria (61%), Hungary (69%), and Poland (70%), and the highest in Ireland (187% of the EU average), followed at a distance by Finland (158%), Sweden (136%) and France (133%). This large price variation is mainly due to differences in taxation of these products among member states, Eurostat noted.
Food & non-alcoholic beverages were cheapest in Romania (66% of the EU average) and Poland (68%), while they were most expensive in Denmark (129% of the average), Luxembourg (126%) and Austria (125%).
Clothing is a group of products where prices differed less among member states, ranging from 73% of the average in Hungary to 130% in Denmark.
Personal transport equipment also recorded a smaller price disparity among member states, with Poland (80%) being the cheapest and Denmark (137%) the most expensive.
Price differences were also limited for consumer electronics, ranging from 87% of the average in Poland to 112% in the Netherlands and in Malta.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.