Inflation in Hungary Smashes 20% - Details of Price Increases Revealed

  • 12 Oct 2022 7:50 AM
  • Budapest Business Journal
Inflation in Hungary Smashes 20% - Details of Price Increases Revealed
Hungarian consumer prices were 20.1% higher on average in September 2022 than a year earlier, according to data released by the Central Statistical Office (KSH).

A price rise of 35.2% was recorded for food, within which the highest price increases for the following: 76.2% for bread, 68% for cheese, 66.3% for both milk products and butter, 61.2% for margarine, 60.2% for pasta products, 53.7% for eggs.  

The price rise of pork (22.4%), chocolate and cocoa (19.1%), sugar (10.9%) and edible oil (5%) was at a rate below the average.

Due to the changes in regulation on household utility prices effective from August 1, the price of electricity, gas, and other fuels went up by 62.1%. Within that natural and manufactured gas cost 121%, electricity 28.9% more. The price of butane and propane gas increased by 45% and that of firewood by 43.8%.

Consumers paid 14.7% more for consumer durables, within which 21.2% more for kitchen and other furniture, 20.1% more for living and dining room furniture, 19.9% more for new passenger cars. 

Alcoholic beverage and tobacco prices rose by 13.2% on average, within which alcoholic beverage prices by 16.5%.

The price of pet food became 45.5%, household repair and maintenance goods’ prices 27.7%, detergents’ prices 24.8%, the price of toilet articles 24.5%, and motor fuel prices 5.8% higher. 

Service charges were up by 8.2%, within which a taxi cost 28.5%, the repair and maintenance of dwellings 22.8%, the repair and maintenance of vehicles 20.5%, other public entertainment 16.6%, and rents 12.6% more for consumers.

Consumer Prices Rose 4.1% in a Month

Consumer prices increased by 4.1% on average compared to August 2022.

Food became 3.5% more expensive, within which meals at school cost 13.5%, eggs 9.8%, butter 8.3%, both bread and milk products 7.6%, milk 5.2%, seasonal items (potatoes, fresh vegetables, and fresh domestic and tropical fruit) 4.7% more, and chocolate and cocoa 0.5% less for consumers.

The price of electricity, gas, and other fuels went up by 59.2%. In this group, natural and manufactured gas cost 121%, firewood 32.7%, electricity 28.9%, butane and propane gas 14% more.

Toiletries became 4.4%, detergents 3.8% more expensive. Services’ prices decreased by 0.1%, and the 3.2% increase in other public entertainment prices and the 2.7% increase in price of personal care services were offset by the price decrease of 13.6% in recreational services due to seasonal effects.

In January-September 2022, consumer prices were up by 11.8% for all households on average and by 11.9% among pensioner households compared to the same period of 2021.

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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.