Hungary world leader once again! This time, in food price inflation
In the past six years, not a single country has seen food prices rise as sharply as in Hungary. Between 2019 and 2025, Hungarian food prices jumped by a staggering 81.6%, while cumulative inflation reached 49.9%.
According to analysis by the Financial Times, this means Hungarian household budgets have been hit harder by price increases than ever before, and the roots of the phenomenon go much deeper than the mere movement of market prices, the FT reported as cited by Portfolio.
Weak forint and global price hikes fuelled the surge
Raw material prices have soared worldwide in recent years, driven above all by rising energy costs. The UN’s Food and Agriculture Organisation (FAO) estimates that global food prices now stand nearly 30% higher than the 2014-16 average. The cost of edible oils has shot up by 68%, dairy products by 48%, and meat by 28% across the globe.
In Hungary, however, the explosion in prices was intensified not only by international trends but also by the weakening of the forint between 2021 and 2022. While neighbouring currencies such as the Czech koruna strengthened by about 10% against the US dollar over the long term, the forint was among the world’s biggest losers.
A weaker national currency made imported raw materials and processed goods more expensive, further fanning domestic inflation.
Hungarian surge stands out in Europe
Figures from Eurostat reveal that since 2015, food prices in Hungary have more than doubled, putting the country firmly at the top of the European rankings.
The detailed statistics show dramatic differences: bread prices have increased to more than two and a half times their previous level in ten years, vegetables are up by 130%, and fruit prices have surged by over 170%: the highest rate in Europe.
While the cost of meat, dairy, and eggs has also risen significantly elsewhere, the average Hungarian shopping basket far exceeded the EU average. In fact, only Colombia came close to matching Hungary’s rate of food price growth.
How are the government and central bank responding?
In response to the rapid rise in prices, the Hungarian government introduced price caps and special taxes, frequently blaming foreign retail chains for the increases.
Although these measures temporarily curbed inflation, their overall impact remained limited. Retailers partly offset their losses by adjusting prices on other products, driving further price rises.
The situation now presents a fresh challenge not only for households but also for central banks. Previously, food inflation was not a primary concern for monetary policy. Today, however, it has become one of the key factors shaping the public’s inflation expectations.
Experts at the European Central Bank note that the development of food prices is crucial for curbing inflation, especially in countries – including Hungary – where inflation has consistently exceeded target levels.
A new era has begun
The explosion in Hungarian food prices is no longer just an economic matter, but a social one: it has changed consumption habits and placed serious pressure on lower-income households.
Although price growth has slowed in 2025, experts warn that high prices are set to persist, as global commodity markets, exchange rates, and climate impacts usher in a new and unpredictable era for the food industry.
Orban’s main concern is to keep out Ukrainian agricultural products that would be cheaper than what is produced in Hungary even though Hungary is importing products from Spain and elsewhere. Be proud that you support your farmers while you pay high prices and go hungry. I live in Canada and we get produce from all over the Americas – the US, Mexico, Peru, Columbia. During the summer season we have local produce. I find where I live food is the same price and in some cases cheaper than in Hungary but wages are at least triple what Hungarians make. What happened to cheap food that you had 20 years ago? Oh, that was before Fidesz took over your government. You voted for them so you suffer the consequences.
Good that Orban doesnt want to import from Ukraine , its mostly gmo manipulated foods .
Food prices still very cheap in hungary.Better to support food from hungary itself.
I have family who load up on groceries in Austria on their way back to Hungary.
I used to do the same when I was still living there. Prices for general Austrian groceries were seldom cheaper than in Hungary, however, the quality and selection is higher by orders of magnitude and the fantastic array of artisan Austrian specialities serves as a further incentive (if you like that sort of thing). Austria was good for lower prices on premium goods like Barilla pasta and extra virgin olive oil. Branded spirits are also cheaper and local beer is both cheaper and much better than the Hungarian stuff. Remember to brim the tank with Austrian fuel as it has zero percent Russian hydrocarbon content, the diesel is also better quality than in Hungary.
Second the motion on quality and choice … Which, eventually, makes for better value?
I blame Soros!
Seriously though – I travel extensively, and other than meat prices, and especially in the fruit and veg department, bread of late – I would be better off shopping in even Switzerland or Denmark than in Budapest!
I live near an Aldi and a Lidl (IX …) which have limited SKUs, which makes comparisons in other countries with like / like stores pretty easy.
Our World Beating Highest VAT rate (funded by end consumers to pay for one of the lowest corporate tax rates – do not get me started) obviously does not help.
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With all the Elections bribe coming this year the inflation ig going to go through the roof (much worse then the last election bribes). But the Viktator doesn’t give a F. He will do anything to win.