Here are the latest economic figures: inflation is on the rise in Hungary, the minister calls unacceptable

Hungary’s annualised consumer price index reached 5.5pc in January, rising from 4.6pc in the previous month, data released by the Central Statistics Office (KSH) on Tuesday show.

Food prices rose 6.0pc. The price of flour jumped 43.2pc, milk prices rose 25.0pc and egg prices climbed 23.8pc, but noodle prices fell 3.6pc, margarine prices dropped 2.9pc and the price of bologna dipped 2.1pc.

Further inflation figures:

• Household energy prices edged up 0.2pc as gas prices rose 1.5pc and electricity prices increased 0.7pc.
• Consumer durable prices rose 0.8pc.
• Motor fuel prices climbed 11.8pc.
• Prices of spirits and tobacco products increased 4.9pc and clothing prices rose 1.9pc. Service prices increased 8.5pc.
• Harmonised CPI, adjusted for better comparison with other European Union member states, was 5.7pc.
• Core inflation, which excludes volatile fuel and food prices, was 5.8pc.

The CPI calculated with a basket of goods and services used by pensioners was 5.3pc, KSH said.

In a month-on-month comparison, consumer prices rose 1.5pc as food prices increased 1.9pc, service prices climbed 2.2pc and household energy prices were 1.7pc higher.

Minister Nagy: high food price inflation ‘unacceptable’

National Economy Minister Marton Nagy said high food price inflation was “unacceptable” and the government was prepared to use all means to protect families in a statement issued by his ministry after the release of the fresh data.

The government is working resolutely to keep inflation at a persistently low level and will take all steps necessary to ensure the inflation rise at the start of the year does not become lasting, the ministry said. It added that January’s high CPI was temporary, pointing to base effects and start-of-year repricing of services and some staples, such as milk and eggs.