Inflation Falls to 9.9% in Hungary

  • 14 Nov 2023 6:26 AM
  • Budapest Business Journal
Inflation Falls to 9.9% in Hungary
Consumer prices in Hungary went up by 9.9% on average in October 2023 compared to the same month of the previous year.

Compared to October 2022, a price rise of 10.4% was recorded for food, within which the highest ones for the following: 54.4% for sugar, 23.8% for chocolate and cocoa, and 23.8% for non-alcoholic beverages and 22% for buffet products. Within the product group, egg prices decreased by 16.9%, the price of flour by 15.4%, that of cheese by 6.4% and margarine prices by 4.2%. 

Electricity, gas and other fuels became 16.1% cheaper, within which 33.5% less had to be paid for natural and manufactured gas and 3.4% less for electricity and 5.4% more for firewood and 4.7% more for butane and propane gas. Motor fuel prices went up by 30.2%. 

Services became 13.2% more expensive, within which motorway use, renting a car and parking cost 21.3%, recreational services 17.8%, the repair and maintenance of vehicles 16.3% and other public entertainment tickets 14.7% more and travel to work or school 21.7% less for consumers. 

Alcoholic beverages and tobacco prices were up by 11.6%, within which the price of alcoholic beverages by 13.7%. Consumers paid 0.7% more for consumer durables, within which 10.4% more for kitchen and other furniture, 5.9% more for heating and cooking appliances, 4.7% more for new passenger cars and 4.4% more for living and dining room furniture, and 9.1% less for second-hand passenger cars. Pet food prices became 29.3%, the price of detergents 20.0%, that of toilet articles 9.9% and dwelling repair and maintenance goods prices 4.3% higher.

Consumer Prices Almost Unchanged Compared to September

Compared to September 2023, consumer prices decreased by 0.1% on average. Food prices lessened by 0.1% on average, within which margarine cost 2.5%, cheese 1.2%, sugar 1.1% and flour 1% less and chocolate and cocoa 2.2% and non-alcoholic beverages 0.7% more for consumers.

Motor fuel prices were cut by 3.8%. Clothing and footwear became 3.2% more expensive owing to seasonal changes. Consumers paid 0.3% less for electricity, gas and other fuels, within which firewood prices went down by 1.2% and the price of natural and manufactured gas was unchanged.

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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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