Hungarian annual inflation was 7.4 percent in December, the Central Statistical Office (KSH) said on Friday.
Higher cigarette and vehicle fuel prices continued to be the main drivers, though food and consumer durables prices rose above headline inflation. Spirits and tobacco prices increased by 8.9 percent, including a 12.7 percent rise in the price of tobacco products. Prices in the category of goods that includes vehicle fuel grew by 11.7 percent as vehicle fuel prices jumped 25.9 percent. Food prices increased by 8 percent and consumer durable prices were up 7.5 percent.
Core inflation, which excludes volatile fuel and food prices, was 6.4 percent. CPI calculated with a basket of goods and services used by pensioners was 6.7 percent. Month on month, inflation was 0.3 percent. Average annual inflation was 5.1 percent in 2021, while adjusted for a better comparison with other European Union member states, the figure was 5.2 percent.
Core inflation, which excludes volatile fuel and food prices, was 6.4 percent. CPI calculated with a basket of goods and services used by pensioners was 6.7 percent. Month on month, inflation was 0.3 percent. Average annual inflation was 5.1 percent in 2021, while adjusted for a better comparison with other European Union member states, the figure was 5.2 percent.
The central bank noted in response to the data release that inflation remained unchanged from the previous month in December, putting Hungary among European countries which saw the acceleration of inflation halt by the end of the year. Core inflation and core inflation excluding the effects of indirect taxes grew by 1.1 percentage point to 6.4 percent. This increase was counterbalanced by more moderate inflation in the price of fuel, alcohol and tobacco, it added.
Meanwhile, the output of Hungary’s construction sector rose by an annual 12.3 percent in November, the Central Statistical Office (KSH) said on Friday. The pace of the increase slowed from 14.5 percent in the previous month. Output of the building segment climbed by 11.6 percent and civil engineering output increased by 14.8 percent.
Month on month, construction sector output rose by 4.9 percent, adjusted for seasonal and working day effects. In absolute terms, the output was at 599.7 billion forints (EUR 1.7bn) in November. The building segment accounted for 55 percent of the total.
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Source: MTI
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1 Comment
Under the Financial & Economic Microscope – using the formulas applied by Global Respected Companies that are RESPECTED and Listened to – engaged to give opinions on the performance – current and future of a country – these indicators HIGHLIGHT the Economy of Hungary – is under extreme PRESSURE and trending downwards.
The vastness of componentry and formulas applied – when analysing a countrys Financial & Economic position – return to “Core” catagories – that in the case of Hungary – are not in a Healthy trend pattern.
Inflation still on the rise in Hungary at 14 year high – one of the major components used in anaylsing an Economy – which will continue – in the case of Hungary – Rise.
Nothing in Hungary – because of the trends of the Major Componentry of anaylsing an Economy give any indication on-going price rises will be seen across the broad landscape / cost of living in Hungary.
The forint – is “Out of Favour” – which does not lessen the PRESSURE – that is the Economic outlook for Hungary into the near Future – 18 months to 36 months.
Hungary – we live in a changed Global World post February 2020 – that we can’t avoid – the ramifications that we and “other” countrys are enduring from the arrival of this on-going Novel Virus.