Inflation in Hungary Reaches 24.5% in December 2022


Image by

Consumer prices in Hungary were 24.5% higher on average in December 2022 than a year earlier, according to data published by the Central Statistical Office (KSH).

A price rise of 44.8% was recorded for food, within which the highest price increases for the following: 83.2% for cheese, 82.7% for eggs, 81.1% for bread, 79.4% for butter, 79.2% for milk products, 71% for other confectionary products, 70.8% for pasta products, 58.0% for margarine, 57.2% for rolls, 52.1% for milk and 51.5% for poultry meat.

The lowest price rises within the product group were observed for flour (6.7%) and edible oil (1.5%). 

Electricity, gas, and other fuels became 55.5% more expensive. Within this, natural and manufactured gas prices went up by 97.8%, the price of firewood by 58.6%, that of butane and propane gas by 48.7%, and electricity prices by 27.8%.

Consumers paid 13.6% more for consumer durables, within which 24.1% more for new passenger cars, 20.8% more for heating and cooking appliances, 20.3% more for kitchen and other furniture, and 18.7% more for living and dining room furniture. 

Alcoholic beverage and tobacco prices rose by 13.4% on average, within which alcoholic beverage prices by 21.3%. Pet food prices became 48.8%, the price of detergents 34.2%, that of household repair and maintenance goods 30.8%, and toilet article prices 28.5% higher.

Consumers paid 27% more for motor fuels. 

Service charges were up by 9.5%, within which a taxi cost 30%, the repair and maintenance of dwellings 24.3%, the repair and maintenance of vehicles 22.6%, other public entertainment tickets 22.0%, recreation in the country 20.9% and personal care services 17.9% more for consumers.

Consumer Prices up 1.9% Compared to November

Compared to November, consumer prices increased by 1.9% on average. Food became 2.1% more expensive, within which milk cost 7.2%, milk products and butter both 6.2%, cheese 4.9% and buffet products 4% more for consumers. There was a decrease of 7.9% in the price of eggs, entering the group of products covered by a regulated price cap, and of 1.6% in margarine prices.

The price of electricity, gas and other fuels lessened by 6%, within which consumers paid 11.8% less for natural and manufactured gas.

Detergents cost 2.5%, pet food 1.5% and household repair and maintenance goods 1.2% more for consumers.

Motor fuels became 24.4% more expensive owing to the termination of the regulated price cap on this product group. 

Service prices increased by 0.8% on average, within which recreation in the country became 5.4%, other public entertainment tickets 2.2%, and personal care services 1.0% more expensive.

Inflation in 2022 as a Whole Hits 14.5%

In 2022, consumer prices increased by 14.5% on average compared to 2021, within which the highest price rise of 26% was measured for food. 

A price rise of 21.7% was recorded for electricity, gas and other fuels, 12.2% for consumer durables, 12% for other goods, 9.9% for alcoholic beverages and tobacco, 7.1% for services, and 5.5% for clothing and footwear. 

Consumer prices went up by 15.2% on average among pensioner households.

Nearly Half of Hungarian Youth Weigh Living Abroad for the L... Analysis

Nearly Half of Hungarian Youth Weigh Living Abroad for the L...

Hungary Chairs 1st Ecofin Meeting of EU Presidency EU

Hungary Chairs 1st Ecofin Meeting of EU Presidency

50% of Ransomware Victims Saved by Backups Innovation

50% of Ransomware Victims Saved by Backups

Hungary Could Boost Guest Nights to 50 mln by 2030 Tourism

Hungary Could Boost Guest Nights to 50 mln by 2030


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.