Inflation in Hungary is 8th highest in EU
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While inflation is on the rise across the whole European Union, Hungary is also experiencing a marked deterioration in its currency. The annual inflation rate in the euro area rose to a new record of 8.6 percent in June, up from 8.1 percent in May. Meanwhile, inflation in the European Union as a whole rose to 9.6 percent from 8.8 percent in May, Eurostat said in a report published on Tuesday, according to MTI.
Inflation in EU
According to data from the EU’s statistical office, the rate of price increases in the euro area accelerated further for energy (42 percent compared with 39.1 percent in May); food, alcohol and tobacco (8.9 percent compared with 7.5 percent in May); and non-energy industrial products (4.3 percent compared with 4.2 percent in May). In services, on the other hand, the rate of increase eased marginally to 3.4 percent from 3.5 percent in May, Index.hu reports.
The lowest annual inflation rate was in Malta at 6.1% and the highest in Estonia at 22%. Inflation fell in only two of the EU’s member states, but rose in the other 25 in June. Hungary’s inflation rate is the eighth highest among EU countries, along with Slovakia’s.