Consumer prices up 3.9% in March
Consumer prices were 3.9% higher on average in March than a year earlier, with significant price increases measured for food, as well as alcoholic beverages and tobacco, according to data by the Central Statistical Office (KSH).
Photo by Jessica Fejos
KSH says that the higher than average rise in food prices may have been caused by the effects of the coronavirus epidemic. On the other hand, fuel prices fell significantly as a result of plummeting oil prices.
Food prices went up by 7.6% in the last 12 months. Pork prices rose 27.4%, and the price of other meat preparations went up by 20.8%. Salami, sausages and ham prices climbed 12.2%. The price of seasonal food items (potatoes, fresh vegetables and fruits) increased by 11.9%, while sugar prices were 10.1%, the price of milk 9.1% and bread prices 8.4% higher.
The price of alcoholic beverages and tobacco rose by 7.2% on average, within which tobacco prices by 11.3%.
Consumers paid 3.8% more for services, within which rent increased by 8.7% and the price of recreation in the country by 8.1%. Motor fuel prices were cut by 2.1%.
Compared to February, CPI rose by 0.2% on average. Food prices went up at a higher rate than usual, by 1% on average. Within food prices, the price of edible oil became 4.9%, that of seasonal food items (potatoes, fresh vegetables, and fruits) 3.5%, sugar prices 2.3%, cheese and dairy product prices both 1.5% and the price of bread 1.4% higher.
Consumers paid 0.9% more for alcoholic beverages and tobacco, within which tobacco became 1.2% more expensive. The price of clothing and footwear increased by 0.8% and that of services by 0.5%.
As a result of significantly falling oil prices, the price of motor fuels was cut by 5.3%, meaning that this product group alone lowered the rise in the consumer price index by 0.4 percentage points.
Consumer prices were 4.3% higher in January-March 2020 compared to the same period of 2019.
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.