Hungary’s inflation hits 15-month high: latest figures and key insights 🔄
Hungary’s annualised consumer price index inched up to 5.6pc February from 5.5pc in the previous month, data released by the Central Statistics Office (KSH) on Tuesday show.
In January, the Hungarian Central Statistical Office (KSH) measured annual inflation in Hungary at 5.5%, the highest in the EU. Food prices rose by 6 percent.
According to KSH, in February, food prices rose 7.1pc. The price of flour jumped 44.3pc, cooking oil prices climbed 27.5pc, milk prices rose 22.5pc and the price of fruit and vegetables increased 14.5pc, but noodle prices fell 4.4pc. Household energy prices fell 0.2pc as gas prices rose 0.1pc and electricity prices increased 0.6pc. Consumer durable prices rose 1.6pc. Motor fuel prices climbed 3.8pc. Prices of spirits and tobacco products increased 5.0pc and clothing prices rose 1.8pc. Service prices increased 9.2pc.
Harmonised CPI, adjusted for better comparison with other European Union member states, was 5.7pc. Core inflation, which excludes volatile fuel and food prices, was 6.2pc. The CPI calculated with a basket of goods and services used by pensioners was 5.6pc. In a month-on-month comparison, consumer prices rose 0.8pc as food prices increased 1.2pc, service prices climbed 1.2pc and household energy prices edged up 0.2pc.
In a comment on the fresh data, the National Economy Ministry pointed to the “significant burden” posed to households and pensioners by higher food prices and said the government was prepared to intervene immediately.
The ministry said that the government had drafted an action plan to counter those price increases. As a first step, voluntary price reductions would be followed by limits on profit margins and then regulated prices. It also noted a measure expanding the range of products featured on a price comparison platform and the rollout of VAT rebates on some staples for pensioners.
As we wrote earlier, price caps, state intervention come if market players refuse to decrease food prices, read here.
As we wrote yesterday, opposition leader Péter Magyar calls on the economy minister to resign, details HERE.
Read here for more news about inflation in Hungary.
UPDATE
Hungarian golden age😅🤣 why are Hungarians still believing in orban?
Don’t NEED to be a Rhodes Scholar, to know it’s – “up, up and away” – it’s Nadir, pick a figure, of Inflation in Hungary.
TRY as Orban may, try as he is again – his idiotic socialism practice of Price Capping, that FAILED him, his government post Covid, counter – jointly signed by the then DISASTER of a Finance Minister – Mihaly Varga, now having been “shuffled” off – to be the Governor of the Central Bank of Hungary, that will be another FAILED appointment, over the (6) six years of his Governorship.
Orbans – Varga’s idea past of Price Capping just FEED into the rising of Inflation in Hungary, that factually post Covid has NEVER been under any CONTROL in Hungary, despite the PROPAGANDA mislead communication of the Orban – Fidesz Government, that Inflation was under control.
Post Covid – what is it 2-3 attempts of Price Capping TRIED by the Orban led Fidesz Government – that ALL attempts PROVED a DISMAL Failure.
Orban – the Fidesz Government are STRANGULATED and it WORSENS, to bring about any type of Stabilization to the Economic & Financial “landscape” of Hungary.