Hungary Inflation Rate Hits 25.7% in January

The highest price rises were measured for electricity, gas, and other fuels as well as food over the last 12 months. 

Compared to January 2022, a price rise of 44% was recorded for food, within which the highest price increases were measured for the following: 80.6% for bread, 79.4% for eggs, 76.6% for butter, 76.1% for cheese, 75.8% for milk products, 73.8% for other confectionary products, 66.4% for pasta products, 57.9% for margarine, 56.3% for rolls, 48.3% for poultry meat and 48.2% for milk. Within the product group, the price of edible oil was cut by 6.4% and that of flour by 0.9%. 

Electricity, gas, and other fuels became 52.4% more expensive. Within this, natural and manufactured gas prices went up by 88.6%, the price of firewood by 58.6%, that of butane and propane gas by 50.6%, and electricity prices by 27.7%.

Consumers paid 13.5% more for consumer durables, within which 24.2% more for new passenger cars, 20.6% more for kitchen and other furniture as well as for heating and cooking appliances, and 19.9% more for living and dining room furniture. 

Alcoholic beverage and tobacco prices rose by 15.5% on average, within which alcoholic beverage prices by 25.2%.

Pet food prices became 49%, the price of detergents 33.9%, that of household repair and maintenance goods 29.7%, and toilet article prices 29.0% higher.

Motor fuels became 35.9% more expensive. 

Service charges were up by 11.3%, within which a taxi cost 32.6% more for consumers, motorway tolls and the charges for renting a car and parking increased by 27.1%, and other public entertainment tickets cost 25.2%, the repair and maintenance of vehicles 24.2%, the repair and maintenance of dwellings 23.1% and recreation in the country 22% more for consumers.

Consumer Prices up 2.3% Compared to December

Compared to December 2022, Hungarian consumer prices increased by 2.3% on average. 

Food became 2.4% more expensive than a month before, within which there were price rises in all product groups except for eggs (–0.4%).

Seasonal food items (potatoes, fresh vegetables, and fresh domestic and tropical fruits) cost 5.6%, chocolate, and cocoa 4.7%, coffee 4.3%, margarine 3.7%, other meat preparations 3.5%, rolls 2.9%, poultry meat 2.8% and bread 2.7% more for consumers.

The price of electricity, gas, and other fuels lessened by 2%, within which consumers paid 4.7% less for natural and manufactured gas.

Motor fuels became 8.2% more expensive.

Cooking utensils and cutlery cost 3.6%, pet food 2.8%, and sport and camping articles as well as toys 2.4% more for consumers. 

Service prices increased by 2.4% on average, within which motorway tolls and the charges for renting a car and parking increased by 17.3% – as an effect of a rise in motorway tolls –, and TV subscriptions became 10%, postal services 4.9%, health services 3.9%, the repair and maintenance of vehicles 3.7% and telephone services and internet 3% more expensive.