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Hungary farm gate prices climb 24.7% in Oct, level with Sep rise

Twelve-month farm gate prices in Hungary climbed a sharp 24.7% in October, level with the rise in September, the Central Statistical Office (KSH) said on Tuesday.

Farm gate prices rose for the fourth month in a row.

The price of crops increased 37.1% in October from the same month a year earlier. The twelve-month rise was slightly under the 40.4% increase in September.

The price of livestock and animal products rose 7.6% in October, accelerating from a 4.3% increase in September.

The National Bank of Hungary cited inflationary pressure caused by rising food prices as one of the reasons for a rate rise – the first since the autumn of 2008 – decided on at the end of November. (MTI-Econews)