Latest EU inflation data bring unexpectedly good news for Hungary

The annual inflation rate was at 1.9% in the euro area in February, up from 1.7% in January, Eurostat’s data showed on Wednesday.

The February rate confirmed Eurostat’s preliminary estimates, according to the data. In the EU, the annual inflation rose to 2.1% in February, up from 2% in January. Services had the highest annual rate in February at 3.4%, followed by food, alcohol, and tobacco at 2.5%, and non-energy industrial goods at 0.7%. On the other hand, energy prices decreased by 3.1% in the month.

The highest inflation rates were seen in Romania with 8.3%, Slovakia with 4%, and Croatia with 3.9%. Meanwhile, the lowest annual rates were seen in Denmark (0.5%), the Greek Cypriot Administration (0.9%), and the Czech Republic (1%). On a monthly basis, consumer prices went up by 0.6% in the euro area, below estimates of 0.7%, the Turkish Anadolu News Agency wrote.

Concerning Hungary, the latest inflation data brought good news. After suffering the highest inflation rate following Russia’s invasion of Ukraine and the 2022 energy crisis, Hungary’s inflation has fallen to 1.6%—0.3 percentage points below the EU average.

If you missed our previous articles concerning the inflation in Hungary:

• Lessening pressure? Inflation in Hungary is at an 8-year low
• Surprising! Hungary ranks among the top countries globally for real wage growth

Featured image: depositphotos.com