Favourable inflation figures emerged, yet prices for gas, margarine, flour and milk have still soared dramatically
For the first time in a year, Hungary has managed to push inflation below 4%, but certain products have seen shockingly steep price rises compared to last November.
Favourable average inflation data
According to data released this morning by the Hungarian Central Statistical Office (KSH), the annual price rise stood at 3.8% compared with November last year — a level not seen for a full year. This drop is mainly due to the strengthening of the forint, which has curbed imported inflation, reports 444.hu. The price increase for the pensioner consumer basket calculated by KSH was even more moderate at 3.7%. The average food price rise settled at 3.2%, a notable 5 percentage points lower than the previous year.
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TThe products experiencing the sharpest price increases in Hungary were:
- piped gas: 22% (largely because colder weather means higher gas consumption; many households exceed their subsidised usage and therefore pay more);
- margarine: 28.3%;
- flour: 15.9%;
- coffee: 14.9%;
- dairy products: 11.4%;
- eggs: 11.2%;
- chocolate and cocoa: 10.7%;
- cooking oil: 10.1%;
- holidays: 12.2%;
- vehicle repairs and maintenance: 10%.
The CPI, adjusted for better comparison with other European Union member states, was 3.7%. Core inflation, which excludes volatile fuel and food prices, was 4.1%, 0.1 percentage points lower than the previous month. The CPI calculated using a basket of goods and services typical of pensioners was 3.7%.
In a month-on-month comparison, consumer prices edged up by 0.1%. Food prices, excluding the cost of eating out, were unchanged. Service prices edged down 0.1%, household energy prices slipped 0.4%, and motor fuel prices dropped 0.6%.
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