Hungary Inflation Rate Soars to 15.6% in August

Figures

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Consumer prices in Hungary were 15.6% higher in August compared to the same month of the previous year, with higher food prices driving the inflation growth, according to data by the Central Statistical Office (KSH).

A price rise of 30.9% year-on-year was recorded for food, within which the highest price increases for the following: 66.9% for margarine, 64.3% for bread, 61% for cheese, 57.9% for pasta products, 54.7% for milk products, 54.5% for butter, 45.4% for rolls, 42% for eggs, 40.9% for rice and 40.4% for both poultry meat and other confectionery products. The price of seasonal food items (potatoes, fresh vegetables, fruits) went up at a rate below the average, by 15.9%. Chocolate and cocoa cost 17.1%, sugar 9.3%, and edible oil 5% more for consumers.

Consumers paid 14.8% more for consumer durables, within which 20.9% more for kitchen and other furniture, 19.9% more for new passenger cars, 19.3% more for living and dining room furniture, and 18.1% more for second-hand passenger cars. Alcoholic beverage and tobacco prices rose by 13.1% on average, within which alcoholic beverage prices went up by 15.5%. The price of pet food became 40.3%, butane, and propane gas prices 27.4%, household repair and maintenance goods prices 26.7%, the price of toilet articles 20.3%, and motor fuel prices 6.2% higher. 

Service charges were up by 7.7%, within which a taxi cost 27.3%, the repair and maintenance of dwellings 21.7%, the repair and maintenance of vehicles 18.1%, and recreational services 13.5% more for consumers, and rents rose by 12.5%.

Consumer Prices up 1.8% in a Month

Consumer prices increased by 1.8% on average. Food became 3.3% more expensive, within which milk products and butter cost 8.2%, pasta products 6.1%, rice 5.6%, milk and cheese both 5.4%, bread 5.3% and rolls as well as chocolate and cocoa 5% more and other meat preparations 1.2% less for consumers.

The price of alcoholic beverages and tobacco rose by 1.9%, within which alcoholic beverages became 2.5% and tobacco 1.5% more expensive. 

Consumer durables prices were up by 1.2%, within which the price of new passenger cars by 2.6%. 

Service prices rose by 1.3%, within which consumers paid 4.7% more for recreational services and 2.0% more for the repair and maintenance of vehicles. With the start of the new semester approaching, rents went up by 2.4%.

Motor fuel prices increased by 0.3%, since beneficiaries of the regulated price no more include passenger cars owned by companies, and the higher price of motor fuels purchased into vehicles that can also be used for private purposes out of these makes part of the consumer price index.

In January-August 2022, consumer prices were up by 10.7% for all households on average and by 10.6% among pensioner households compared to the first eight months of 2021.

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