Inflation in Hungary at 4.1% - Food Prices Rose by 2.7% in July
- 9 Aug 2024 8:07 AM
- Hungary Matters
Hungary’s annual consumer price index was 4.1% in July, the Central Statistical Office (KSH) said. Month on month, consumer prices were up an average of 0.7%, with vehicle fuel prices rising by 3.8%.
Food prices rose by 2.7% in July. Household energy prices fell by 4.5%.
Gas prices were 9.3% lower and electricity prices declined by 2.1%. Consumer durable prices edged down 0.5%.
Commenting on the data, Márton Nagy, the national economy minister, said the government’s economic policy measures had proven effective in reining in inflation.
Nagy said in a statement that the online price-monitoring platform introduced last summer was generating vigorous competition among retailers and helping to keep inflation low in the long run.
Not only was the platform helping to keep prices transparent, he said, but it was also allowing consumers to make informed decisions, thereby boosting long-term retail market stability and sustaining economic growth.
The minister said falling inflation, rising real wages and “the gradual lifting of cautionary measures” were helping restore domestic consumption.
Full report available here
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