In November, Hungary’s inflation was the highest among the EU member states, based on the latest data provided by Eurostat, the EU’s central statistical office. The average price growth in Hungary reached 23.1 percent, which is higher than in the Baltic states. Furthermore, the European inflation trend shows decreasing. But, in Hungary, the opposite is true.
According to portfolio.hu, the EU average inflation was 11.1 percent in November, 0.4 percent higher compared to October. Meanwhile, the eurozone’s data is better: the price rise went back from 10.6 to 10.1 percent.
In Hungary, the harmonised indices of consumer prices (HICP) were 23.1 percent, the highest in Europe. In second place is Latvia with 21.7 percent, while Estonia and Lithuania have 21.4 percent. In the Central European region, the Polish and the Czech rate came after the Hungarian, but with only 17.2 and 16.1 percent.
In a monthly comparison, the price rise decreased. In that regard, Malta and the Netherlands are on top in Europe.
Finance minister: Govt to amend 2023 budget by year-end
The government is still working on the amendment of the 2023 budget, Finance Minister Mihály Varga said on Friday, MTI said. Varga said on Facebook that the protracted war and Brussels’ sanctions policies had fundamentally changed economic trends. As a consequence, the economic and financial plans for 2023 have to be reviewed, he added. The government has started this work and the earlier approved 2023 budget based on projections of a different economic path will be amanded by the end of December, he said.
The goal is to reduce the deficit and public debt despite the unfavourable international environment, and to protect the family support scheme, pensions and workplaces, he said. “I agree with and support a proposal by Zoltán Vajda, head of parliament’s budget committee, to inform the parliament’s relevant committee about this. As soon the the finance ministry finishes the amendments and the government approves them, I will be pleased to attend the budget committee meeting,” Varga said.