Inflation in Hungary highest since 1999
Image by Shutterstock.com
Consumer prices in Hungary were 10.7% higher on average in May 2022 than a year earlier, according to data published by the Central Statistical Office (KSH). The last time inflation was this high was in 1999.
Compared to May 2021, a price rise of 18.6% was recorded for food, within which 41.4% for margarine, 37.5% for bread, 35.4% for cheese, 34.3% for poultry meat, 33.3% for pasta products, 30.3% for milk products, 29.9% for eggs, 27.3% for rolls, 12.8% for seasonal food items (potatoes, fresh vegetables, and fresh domestic and tropical fruits altogether), 10% for non-alcoholic beverages and 3.9% for chocolate and cocoa as well as sugar.
Alcoholic beverage and tobacco prices rose by 6.4% on average, within which alcoholic beverage prices by 8.1%.
Consumers paid 11.4% more for consumer durables, within which 18.4% more for kitchen and other furniture, 18.3% more for living and dining room furniture, 15.4% more for second-hand passenger cars, and 10.6% more for new passenger cars.
The price of household repair and maintenance goods became 28.3%, pet food prices 22.3%, and motor fuel prices 10.8% higher. Service charges were up by 6.8%, within which the repair and maintenance of dwellings cost 20.1% and the repair and maintenance of vehicles 14.4% more for consumers.
Consumer prices up 1.7% compared to April
Compared to April 2022, consumer prices went up by 1.7% in May 2022.
Food became 3.5% more expensive, within which aggregate group higher prices were recorded for all product groups apart from the group of fresh vegetables: butter became 9%, salami, sausages and ham 8.2%, milk products 7%, pasta products 6.7%, cheese 6.3%, rolls 6%, bread 5.8%, other meat preparations 5.4% and poultry meat 5.2% more expensive.
A price increase of 1.3% was measured for alcoholic beverages and tobacco, 1.1% for clothing and footwear and 0.9% for consumer durables, within which latter living and dining room furniture became 2.5%, kitchen and other furniture 1.3% and second-hand passenger cars 1% more expensive.
The price of household repair and maintenance goods rose by 3.5%. Consumers paid 0.7% more for services, within which 11.9% more for a taxi, 2.9% more for recreation in the country, and 1.3% more for the repair and maintenance of dwellings as well as for other public entertainment.
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.