Another round of brutal food price rise expected in Hungary
The skyrocketing price rise of unprocessed foodstuffs will increase the price of processed foods in the coming months, István Madár, a leading analyst of Portfolio, a Hungarian economic website, said in the Portfolio Checklist podcast. He also talked about the soaring inflation Hungarians have been struggling with for months.
Mr. Madár said that it was presumably true that Hungary had the highest inflation in the European Union. That is true even for unprocessed foodstuffs where the price increase reached 40.4 percent. Among the member states of the European Union, there were only two countries where the inflation in that segment surpassed 30 percent. In all other countries, it was below that threshold, while the EU average was only 16 percent.
He added that the price rise of unprocessed foodstuffs would sooner or later appear in the prices of processed foods. In the latter segment, inflation in Hungary is not outstanding in the EU. However, even the National Bank of Hungary expects a significant price rise in Hungary’s food sector in the next few months, Telex.hu wrote.
The analyst said October inflation statistics would be revealed next week, but the September data of the Eurostat are appropriate to deduce the trends. Those data show that only the three Baltic states preceded Hungary regarding inflation in the European Union. Furthermore, inflation exceeds 20 percent only in Estonia, Latvia, Lithuania and Hungary. However, it is a considerable difference in that the Baltic states subsidise fuel prices and household energy prices less than the Hungarian government.
Read alsoHungarian government struggles to curb rising food prices
On the question of why Hungary faces such hardships, the analyst mentioned two main reasons.
First, the Hungarian national currency lost a lot of its value and that increased import goods prices. Secondly, at the beginning of 2022, the government distributed a lot of money. That was important to win the elections and included extra money for pensioners, families raising children, soldiers, etc. That support and the increased minimum wage generated extra demand and raised the prices of everything since the purchasing power of the households significantly grew temporarily.
Meanwhile, the Food and Agriculture Organization of the United Nations said that the consumer food price index fell in October following a trend that lasted seven months. The food price index stands 14.9 percent below this March’s historic peak, haszon.hu said.
Read alsoFood shortages may hit Hungary because of the new price caps
Source: telex.hu, haszon.hu
Amazing -16 days taking an autumn break to Germany late October early November 2022.
Living with soaring INFLATION in central Budapest, Hungary that is “biting us” our pockets HARD – all of Hungary.
Hungarians we KNOW – this has been constantly happening, the cost-of-living EXPLOSION, over growing numbers of months.
MINDBOGGLING – 16 days away, off to the market, and supermarkets, prices on items increases some 20% that are part of our daily life eg. mineral water.
DON”T expect – remember the Hungarian Highest Vat of 27% in Europe, don’t FOOL our-selves, that Victor Orban and his “lot” are going to “fight the fight” on our behalf.
Orban – the “Strong Man” of European Politics but in wrong directions, the LOVE of his Hugh ego, in using POWER, leading Hungary into the cataclysmic MESS we are presently in, that is WORSENING rapidly all around us.
Cost of Living – Food Prices and Inflation – just small examples of the HUMONGOUS economic & financial MESS – this Orban led “dictatorial” Government of Hungary, have PLACED us in.
We have to CONTINUE to live with it, or DO We?
Nothing in Hungary – NOTHING and Winter nears, will get CHEAPER.
Do We?
“When the Yoke is Broken,
the Burden is Removed.”
Citizens SOLIDARITY – we have an OPPORTUNITY in Hungary, driven by SOLIDARITY to be titled – “The Strong Citizens of Europe.” – who removed their Prime Minister – who “inherited” a title, that saw him gain a reputation as the “Strong Man of European Politics.” – the NEGATIVE director/dictator or dismantler of DEMOCRACY – just not in Hungary, but through ACTIONS aimed at the destruction collapse & “other” – of the European Union.
What a Relationship through the acts of Victor Orban and his “lot” – we in Hungary have with the European Union.
It is in a state of non-existence.
Future funding – rests in a very precarious position.
The European Union no longer recognizing Hungary as a member who acts embracing the CREED of Law, being a member of the European Union, that is GOVERNED under DEMOCRACY.
Hungary – our only FRIENDS are – Russia & China which are Dictatorships.
Hungary – through the political ideas and philosophy’s that have been DISASTERS – “tried on” by Victor Orban and his “lot” – we as a country have become ISOLATED.
BLAME – deserving of full-frontal attack of BLAME – comes back to Victor Orban and his “lot” who are REASPONSIBLE – for the escalating erosion of Hungary – our future our opportunities our country.
CRUMBLING all around us – besides the Economy – Education, Construction, Real Estate/Property Markets, then we add, cost of living and inflation, bare essentials of our needs in day-to-day life – and “other” factors that “stand out” and FACTUALLY confirm – that as a country we Hungary, are in a BLACK deepening descending Hole.
Nothing – Nothing is Going to get Cheaper in Hungary.
Solidarity – lot of POWER – generated – if there are NUMBERS – with a COMMON Goal – under the CREED of DEMOCRACY.
So basically we’re all paying the price of Orbán’s election bribes. Can’t see it any other way really. Thanks fat man.
@anonymous – LOL was reading the same:
“At the beginning of 2022, the government distributed a lot of money. That was important to win the elections” …
The way of the Politicians – do what you must to stay in power. Power is everything.