ADVERTISEMENT

Inflation hits highest level in 15 years in February

Figures

Image by Shutterstock.com

Consumer prices in Hungary were 8.3% higher on average in February 2022 than a year earlier, according to data published by the Central Statistical Office (KSH), representing the highest inflation rate since August 2007.

The highest price rises over the last 12 months were measured for motor fuels as well as food. In one month, consumer prices increased by 1.1% on average, KSH notes.

Compared to Feburary 2021, a price increase of 11.3% was recorded for food, within which 25.8% for margarine, 25.0% for bread, 22.1% for pasta products, 19.2% for poultry meat, 17.9% for cheese, 17.8% for rolls, 17.6% for flour, 16.3% for butter, 15.5% for milk products, 3.8% for sugar, 2.5% for salami, sausages and ham and 1.3% for pork.

Motor fuel prices became 18.7% and the price of household repair and maintenance goods 19.2% higher. Alcoholic beverages and tobacco prices rose by 8.2% on average, within which tobacco prices by 9.9%.

Consumers paid 8.3% more for consumer durables, within which 16.2% more for kitchen and other furniture, 15.0% more for living and dining room furniture, 10% more for second-hand passenger cars, 8.6% more for television sets and 7.3% more for new passenger cars. 

Services charges were up by 5.5%, within which the repair and maintenance of dwellings cost 17.4% and the repair and maintenance of vehicles 12.2% more for consumers.

Consumer prices up 1.1% in January

Compared to January 2022, consumer prices increased by 1.1% on average. 

Food became 2.1%, within which bread 7%, pasta products as well as margarine 6.3%, other meat preparations 5.8%, seasonal food items (potatoes, fresh vegetables and fresh domestic and tropical fruits altogether) 5.5%, fruit and vegetable juice 4.4%, coffee 4.2% and rolls 4.0% more expensive.

Due to the food price maximization measures of the government, flour became 9.7%, edible oil 9.2%, sugar 6.7%, milk 3% and pork 0.4% cheaper. 

Alcoholic beverages and tobacco prices were up by 0.8%, within which the price of alcoholic beverages by 2.2%. Consumer durables became 0.9%, within which living and dining room furniture 2.3% and kitchen and other furniture 1.5% more expensive.

Consumers paid 0.7% more for services, within which the charges for the repair and maintenance of vehicles increased by 2.1% and those for the repair and maintenance of dwellings by 2%.

ADVERTISEMENT

Business, consumer confidence slip in May Analysis

Business, consumer confidence slip in May

Parl't elects Orbán prime minister Parliament

Parl't elects Orbán prime minister

New managing director at LG Electronics Hungary Appointments

New managing director at LG Electronics Hungary

Airport bus fare could rise to HUF 1,500 City

Airport bus fare could rise to HUF 1,500

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.