Consumer prices up 2.2% y.o.y. in May

Figures

Consumer prices were 2.2% higher on average in May 2020 than a year earlier, with significant price increases measured over the past year for food as well as alcoholic beverages and tobacco, according to data released by the Central Statistical Office (KSH).

The deceleration of inflation was mostly due to a more moderate rise in services prices than in the same month last year.

Compared to the same month of 2019, food prices went up by 8.4%, within which the price of other meat preparations became 22%, pork prices 20.7%, the price of seasonal food items 19.1%, that of sugar 15% and salami, sausages and ham prices 12.6% higher. The price of alcoholic beverages and tobacco rose by 6.7% on average, within which tobacco prices by 11.1%. Consumers paid 2.6% more for services, within which the price of repairs and maintenance of dwellings increased by 11.7% and the price of repairs and maintenance of vehicles by 9.3%. Motor fuel prices were cut by 22%.

Compared to April 2020, consumer prices were up by 0.4% on average. Food prices increased by 0.7%, which was dominantly due to the 5.1% price rise of seasonal food items. Food prices excluding this group were unchanged on average. The price of margarine went up by 1.9%, that of rice and other cereals by 1.8% and sugar prices by 1.7%, while egg prices were reduced by 3.3%. Consumer durables became 0.7%, within which new passenger cars 1.9% more expensive. Consumers paid 0.1% more for services and 0.3% less for clothing and footwear. As an impact of rising oil prices, motor fuels became 3.9% more expensive.

In the first five months of 2020, CPI went up by 3.5% compared to the same period of 2019.

ADVERTISEMENT

Farm, food industry confidence improves slightly in Q2 Analysis

Farm, food industry confidence improves slightly in Q2

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

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.