Inflation in Hungary reached 24-year high!

Consumer prices in Hungary rose by an annual 15.6 percent in August, up from a 13.7 percent increase in July, driven by higher food and consumer durable prices, the Central Statistical Office (KSH) said on Thursday.

The KSH data show food prices rose by 30.9 percent as the price of poultry climbed 40.4 percent, bread prices jumped 64.3 percent and milk prices increased by 54.7 percent. The government rolled back prices for a number of staples, including pork, cooking oil and flour, to mid-October levels from February 1 in an effort to dampen inflation.

Prices of spirits and tobacco products increased by 13.1 percent. Clothing prices rose by 5.5 percent, consumer durables increased by 14.8 percent, household energy prices edged up 2.1 percent. Service prices increased by 7.7 percent.

Core inflation, which excludes volatile fuel and food prices, was 19.0 percent. CPI calculated with a basket of goods and services used by pensioners was 15.7 percent.