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Despite November Drop, Hungarian Inflation Joint-Highest In EU

• 20 Dec 2018 10:04 AM
• Budapest Business Journal

Despite falling 0.7 of a percentage point from the preceding month, Hungaryʼs annual inflation rate reached 3.2% in November, the joint-highest in the European Union, alongside Estonia and Romania, according to data from the European Commissionʼs official statistical agency Eurostat.

The annual inflation rate in the euro area came to 1.9% in November 2018, down 0.3 of a percentage point from the previous month. A year earlier, the rate was 1.5%.

The European Unionʼs annual inflation was 2% in November, dropping from 2.2% in October. Last year, the rate was 1.8%.

Denmark (0.7%), Ireland (0.8%) and Portugal (0.9%) registered the three lowest annual inflation rates in the EU last month, while Hungary was joined by Romania and Estonia, all registering annual inflation of 3.2%, the highest in the EU.

Compared with the preceding month, annual inflation nevertheless fell in 25 Member States in November, including Hungary (down from 3.9% in October to 3.2%), remained stable in one (Denmark) and rose slightly in one (Portugal).

This November, the highest contribution to the annual euro area inflation rate was provided by energy (+0.88 percentage points), followed by services (+0.57 pp), food, alcohol and tobacco (+0.38 pp) and non-energy industrial goods (+0.11 pp), Eurostatʼs report says. 

The full report is available on Eurostatʼs website.

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Budapest Business Journal

Hungary's largest and oldest source of business and financial news in English. Since 1992 it has presented essential information on Hungarian business life, including international analyses about the country. These days the BBJ newspaper is published every other week, while it releases daily business news online including premium paid content.

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