Nowhere in Europe did food prices skyrocket that much as in Hungary, a Hungarian news outlet says based on the data of the Eurostat. Meanwhile, a Hungarian agricultural economist, György Raskó says that demand was dwindling because people were saving money due to the crisis. Therefore, the trend might reverse soon, so he expects that food prices might decrease in Hungary.
Food prices rise astonishingly big
Food prices were 10.4 pc higher than in January in Hungary. That is the fourth highest number in the European Union. Based on the Eurostat data, only the Baltic states precede Hungary in that respect. Meanwhile, the average inflation in the EU was 6.3 pc, 444.hu reported.
If we take only food, Hungary is on the top of the price rise list in the European Union. That concerns bread, milk, fruits, beer, and alcohol-free beverages. The prices of these products rose the most in Hungary. For example, bread prices increased by 37 pc, while in Lithuania, which is in the second place, that rate was “only” 20pc. The price rise rate was 20 pc concerning fruits, while 18 pc in the case of alcohol-free beverages. The price of beer went up by 11 pc in Hungary.
Furthermore, Hungary’s position worsens if we compare it with other EU members. In June, Hungary lead only in bread and meat.
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Trend change soon?
The price of poultry rose by 30 pc compared to January (5th place), while that rate was 16 pc (9th place) in the case of pork. In Hungary, the prices of vegetables rose only by five pc, but in most EU countries, those prices remained unchanged or even decreased.
The price of eggs went up by 28 pc in Hungary (3rd place), while the olive oil is 17 pc more expensive thanin January (2nd place). Butter prices went up by 27 pc (3rd place behind Denmark and Germany).
Shockingly, the price of margarine increased by 46 pc, just like in Slovakia.
A Hungarian agricultural economist, György Raskó, said demand started to dwindle because people save money and try to cut food waste, atv.hu reported. Therefore, the trend might reverse soon. He expects that food prices might start to decrease in Hungary. However, the consequences of the drought have not yet appeared in the prices. Dry weather and the smaller crop will significantly affect stockbreeders, Raskó added.
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