Hungary Inflation Rate Hits 25.7% in January

Figures

Compared to January 2022, food prices rose by 44% in Hungary.

Consumer prices in Hungary were about 25.7% higher in January 2023 compared to the same month of 2022, according to data released by the Central Statistical Office (KSH).

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.

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