Brutal inflation to come in Hungary?
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An opposition Democratic Coalition (DK) official has insisted that higher household energy bills will feed into “brutal inflation” by the end of the year.
Referring to a portfolio.hu report, László Varjú, the leftist party’s deputy leader, told an online press briefing on Monday that it was likely that inflation had “jumped” to 13 percent in July, and the market expected the December price index swell to 16.5 percent.
Also, he cited g7.hu, an online business and finance outlet, in July as reporting annual food-price inflation of almost 35 percent. Varjú demanded the government help people with VAT and other tax reductions as well as subsidies.
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Parliament extraordinary session today lacks quorum
In the absence of the governing parties, the special session of parliament initiated by the opposition lacked a quorum. With speeches made before the planned debate, Monday’s session lasted for about three quarters of an hour.
The government information centre (KTK) said on Monday that government MPs would boycott a special session of parliament convened by the opposition, slamming the initiative as “lacking credibility”, insisting that opposition parties had “failed to support measures aimed at protecting Hungarian families during a war-time crisis”.
It’s not likely to have jumped to 13%, it actually stands at 13.7%. So in case the government don’t quite accurately publish their figures, the following is an extract from Trading Economics……
The annual inflation rate in Hungary picked up to 13.7% in July of 2022 from 11.7% in the previous month, surpassing market expectations of 13.1%. It was the highest inflation rate since July of 1998 and well above the central bank’s target ceiling of 4%. Upward pressure came mostly from prices of food & non-alcoholic beverages (28.8% vs 23.1% in June); alcoholic beverages & tobacco (11.1% vs 6.9%); furnishings & household maintenance (14.9% vs 13.8%) and restaurants & hotels (18.4% vs 17%). The annual core inflation rate rose to a 25-year high of 16.7%, above market forecasts of 14.8%. On a monthly basis, consumer prices inched up by 2.3%, compared to a 1.5% advance in the prior month.
Obviously there’s more data on this website for those who are interested…….