Hungary Inflation Falls to 3.8% in January

Figures

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Consumer prices in Hungary were 3.8% higher on average in January 2024 than a year earlier, the Central Statistical Office (KSH) reports.

Compared to January 2023, a price increase of 3.6% was recorded for food, within which the highest ones for the following: 38.2% for sugar, 14.6% for non-alcoholic beverages, 14.1% for chocolate and cocoa, 12.7% for buffet products and 10.0% for pork. Within the product group, flour prices decreased by 19%, the price of eggs by 17.8%, that of cheese by 15.6%, butter prices by 13.8%, the price of pasta products by 13.2%, and milk prices by 10.2%. 

Electricity, gas and other fuels became 11.3% cheaper, within which 25% less had to be paid for natural and manufactured gas and 3.4% less for electricity, and 2% more for firewood.

According to KSH, services became 10.4% more expensive, within which rents grew by 13.9% and the repair and maintenance of vehicles became 11.9%, motorway use, renting a car and parking 11.3%, other public entertainment tickets 10.9% and recreational services 10.2% more expensive and travel to work or school 21.7% cheaper. 

Alcoholic beverages and tobacco prices were up by 8.1%, within which the price of tobacco by 9.2%. Pet food prices rose by 20.0%, the price of detergents by 11.1%, that of pharmaceutical products by 8% and toilet articles prices by 4.7%.

Consumers paid 1.4% less for consumer durables, within which the price of second-hand passenger cars was cut by 9.9% and that of kitchen and other furniture increased by 7.6%, heating and cooking appliances prices by 3.7%, the price of living and dining room furniture by 2.6% and that of new passenger cars by 1.3%. Motor fuels became 11.9% cheaper.

Consumer Prices Jump 0.7% Compared to December

Compared to December 2023, consumer prices in Hungary rose by 0.7% on average, the statistical agency writes.

Food became 1.2% more expensive on average, dominantly owing to a 6.4% increase in the price of seasonal food items (potatoes, fresh vegetables and fresh domestic and tropical fruits). Food prices excluding this group went up by 0.7% on average. Butter cost 3.1%, cheese 1.6%, milk 1.2% and pork 1.1% more and edible oil 1.6%, sugar 1.3%, flour 1.2% and bread 0.7% less for consumers.

Consumers paid 0.9% more for electricity, gas, and other fuels, within which 1.7% more for natural and manufactured gas and 1.3% more for firewood. 

Services became 0.5%, within which motorway use, renting a car and parking – as an effect of a rise in motorway tolls – 8.4% and postal services 4.8% more expensive, rents increased by 2.5% and the repair and maintenance of vehicles became 2.3% and the repair and maintenance of dwellings 1.8% more expensive. 

Clothing and footwear became 2.1% cheaper due to the end-of-season sale.

Motor fuel prices were cut by 0.5%.

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