New Hungarian inflation data out, minister says inflation collapsed
Annual inflation in Hungary was 3.6 percent in March, the Central Statistical Office (KSH) said on Thursday.
Month on month, prices rose by 0.8 percent.
Food prices edged up by 0.7 percent, while household energy prices went down by 3.1 percent.
Motor fuel prices increased by 2.3 percent.
Services prices increased by 9.9 percent, while consumer durables went down by 1.8 percent.
Commenting on the data, Márton Nagy, the national economy minister, said inflation had “disappeared just as fast as it emerged”, arguing that CPI had “collapsed” to one-seventh of last year’s rate.
In addition to the base effects, the decline in inflation was also impacted by the lower repricing rates at the beginning of the year, Nagy said.
Household energy prices decreased by 3.1 percent compared with last year, with Hungarians paying 6.9 percent less for gas and 3.2 percent less for electricity, the minister said.
Nagy said real wages had been rising again since last September’s turnaround, thanks to the continuous fall in inflation. This has led to the return of consumer confidence and growing consumption, he said, adding that the government’s aim was to restore economic growth this year and boost it further in 2025.
Read also:
It would be nice if inflation “collapsed” in Hungary but it is not the case. It’s all spin by Marton Nagy. Inflation was so high a year ago that when each back end month drops off the yearly rate averages lower, Month over month inflation was low on average from May/23 to Dec/23 as Hungary was in recession but has heated up for the last three consecutive months at an annualized rate of 8.8% (Jan-Mar/24). Hungary is at considerable risk of continued inflationary pressures particularly if we see a run on the forint which will be under pressure as Fidesz engages in large deficit financing. It’s not good. See ING’s explanation below.
https://think.ing.com/snaps/services-inflation-heats-up-in-hungary/
This again is a BLATANT Lie, coming out the mouth of this Orban Minister – Marton Nagy.
He has been “shamed and embarrassed” in the past, and this latest “mouth full” totally misleading the citizens of Hungary,
We know the cataclysmic state of the Hungarian Economy, it’s Nadar, who really knows, it’s “final” resting place, that will be HORRENDOUS, and this Minister just highlights treating ALL Hungarians like “Village Idiots” thinking we will swallow his LIES, on the subject of Inflation in Hungary.
The pressurization through FACTUAL matters occurring, in all major areas of our Economy, citizens being subjected to the still not actually and factually under control in Hungary, we are WITNESSING when Ministers of the Orban / Fidesz Government have a NEED to make a Public comment, from the Prime Minister – Victor Orban, the Minister of Finance – Mihaly Varga and “down the Line” what is intensifying is the lack of Fact & Truth, coming out there mouths.
PRESSURE grows and as it builds on the Orban / Fidesz Government, we must watch with extreme caution, as it will lack Truck & Fact, continue on the Orban / Fidesz Governments – there use of PROPAGANDA and the “veiling” of Truth, in the words from there mouths.
I am so tired of the commenter who, under various names, intersperses his pessimistic and inaccurate comments about Hungary’s economy.
Hungary Today Has written numerous articles about the demise of the Forint and yet it stays in a narrow band.
“Suck your DUMMY” – my reply to Freedomofspeech, who ever your “tiredness” in commentary opinion is directed at.
This is what DEMOCRACY provides gives citizens a right to express themselves under Liberty, Freedom and Free Speech.
@Freedom of Speech – Do a search for a Euro/Forint chart and look at long term charts. I remember when the forint was 24 to one US dollar. it is now 368. It is a gradual slide downward with reversals along the way. 2022 was an incredibly volatile year. There is no narrow band it is staying in unless you are looking at days or weeks. The forint was 374 to a Euro one year ago and it now 392. Five years ago it was 320. I look at market charts for a living. The forint made two lows last year at 388 and 391 per euro. It broke support at 391 and made a new low at 399. It is now testing the break of support at 391 which is a very normal occurrence. You can draw a horizontal line across this very important level of 391. Given time unless some kind of miracle happens the next move will be a continuation back towards 400 plus.
Concur Larry.
Flat line in Charting, whether it be Stocks or Bonds, Commodities or the Currency Markets, remembering that history never lies, historically the next movement, in “flat liners” is in a downward trend.
Hungary, the forint, the growing pressurization of the entire country Economically & Financially, it’s next movement of note, will see, sooner than later, back to-wards possible through the 400 plus mark.
Mihaly Varga – Minister of Finance for the past (8) eight plus years of the Orban / Fidesz Government, a muchly “scared” and on-going, the wrongful process of Financial & Economic Management, that his CV highlights, of his Policies, the decisions and directional wrongfulness, that Varga has introduced, signed off and approved by the current Prime Minister – Victor Orban, that HAVE in great part, caused the PRESSURIZATION that Hungary as a country presently is in, that have originated from Mihaly Varga – his Ministerial Portfolio.
When – the Minister of Finance – Mihaly Varga, it’s been (4) four plus months since you made a reference in speaking to us, the citizens of Hungary, not dismissing the introduction of the Euro, replacing the Forint, what NOW is your OPINION ???
Do Hungary stay Forint ?
or :
Do Hungary go Euro ?
It will be of humongous INTEREST if you front ALL of Hungary and answer the question in the previous paragraph.
PRESSURIZATION on you as Minister of Finance – Mihaly Varga, if you where to answer the question.
Maybe time for you to hand “over the reins” – may be abandon ship, hoist the white flag, for there will never be a reversal nor an act of absolution, for the role you have played, in the SINKING of the Hungarian Economy.