Inflation at 4% in May 2024

Figures

In Hungary, consumer prices were 4% higher on average in May 2024 than a year earlier, according to data published by the Central Statistical Office (KSH).

A price increase of 1% was recorded for food, within which 29.6% for sugar, 9.8% for chocolate and cocoa, 9.5% for fruit and vegetable juices, 8.8% for buffet products, 8.6% for pork, 8.1% for meals at restaurants and 5.6% for non-alcoholic beverages.

Within the product group, egg prices decreased by 22.0%, the price of flour by 19.6%, that of milk products by 11.6%, pasta product prices by 10.6%, the prices of milk and bread by 9% each, that of cheese by 7.4% and poultry meat prices by 6%. 

Services became 9.5%, within which telecommunications services 14.1% more expensive, rents were up by 12.8% and personal care services became 10.5%, the repair and maintenance of vehicles 10.3%, motorway use, renting a motor vehicle and parking 9.8%, the repair and maintenance of dwellings 9.7%, other public entertainment tickets 8.2% and recreational services 5.3% more expensive. Alcoholic beverages and tobacco prices rose by 3.5%, within which the price of tobacco by 3.8%.

The price of pharmaceutical products went up by 6.4%, that of detergents by 2.7% and toilet article prices by 1.8%. Electricity, gas and other fuels became 2.4%, within which natural and manufactured gas 4.7% and electricity 2.9% cheaper.

Consumers paid 1.7% less for consumer durables, within which the price of second-hand passenger cars was cut by 9.6% and that of new passenger cars increased by 4.8%, kitchen and other furniture prices by 2.5%, the price of heating and cooking appliances by 2.4% and that of living and dining room furniture by 1.7%. Motor fuels became 9.2% more expensive.

Prices Decrease Month-on-Month

Consumer prices decreased by 0.1% on average compared to April 2024. Food became 0.1% more expensive on average, within which pasta products cost 1.6%, fruit and vegetable juices 1.3%, rolls 0.8%, other meat preparations 0.7% and chocolate and cocoa 0.6% more and eggs 1.8%, edible oil 0.8%, milk 0.7% and coffee 0.5% less for consumers.

The highest price increase of 0.9% was measured for services, within which the price of recreational services in the country was up by 3.4%, maintenance cost at private houses by 1.0% and charges for the repair and maintenance of vehicles by 0.9%. 0.9% less needed to be paid for electricity, gas and other fuels, within which 1.7% less for natural and manufactured gas.

Motor fuel prices fell by 4.4%.

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