No more disinflation in Hungary? Here is how much prices rose again
Consumer prices in Hungary rose by an annual 20.1 percent in June, data released by the Central Statistical Office (KSH) on Friday show. Consumer prices rose by an average of 0.3 percent in a month, reversing the downward trend seen in May.
Food prices rose by 29.3 percent in June, decelerating from a 33.5 percent increase in the previous month. The price of bread was up by 48.6 percent, egg prices climbed by 40.1 percent and dairy products were 41.4 percent dearer.
The government earlier rolled back prices for a number of staples, including pork, cooking oil and flour, in an effort to dampen inflation. Those price caps are set to expire after 1 August.
Household energy prices increased by 34.3 percent, lifted by consumption restrictions for regulated utilities prices in force from 1 August. Gas prices rose by 43.0 percent and electricity prices climbed by 26.6 percent.
The data show consumer durable prices increased by 6.1 percent.
Prices in the category of goods that includes vehicle fuel rose by 18.1 percent. Motor fuel prices, which were capped for households until early December, increased by 20.2 percent.
Prices of spirits and tobacco products increased by 18.7 percent and clothing prices rose by 8.8 percent. Service prices increased by 14.4 percent, accelerating from a 14.3 percent rise in May.
In a month-on-month comparison, consumer prices edged up by 0.3 percent.
Economic Development Minister Márton Nagy said the online price-monitoring platform launched by the Competition Office and the government on 1 July has now drawn close to 350,000 visitors. The mandatory discounts will be increased from 10 percent to 15 percent from August, with the basic products whose prices had so far been regulated included in the scheme.
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3 Comments
Well, you posted an article that the industrials were going to raise prices so no surprise here. Prices will keep rising month-to-month. Government will say it’s because price caps were removed and that Brussels is the culprit.
Hungarians – you have BEEN prepared over MANY Many Months – that Inflation in our country, ignoring the Government “manipulated” monthly inflation figures, that are REPORTED near on 18% below the FACTUAL inflation figure, that Orban and his Government, the “FEEDERS” – of inflation post February 2020,the arrival of the Corona Virus Pandemic, not HELPED by the WRONGFUL financial & economic policies & strategies put in place – taken by the Orban Government, like CAPPING – that was a total cataclysmic disaster – another FEEDER of inflation on the Hungarian economy.
Orban – was WARNED that capping was a WRONGFUL policy and that it had more downside on FEEDING the “rampant” escalation of Inflation, which has proven FACTUAL.
REMEMBER – the GST of 27% imposed in Hungary – the highest in the European Union, that Orban and his Government COLLECT.
Imagine if this was the “mean” of the European Union members of 12% -14% – we would be SUNK, by Inflation, and the Economy of Hungary totally SMASHED.
Inflation will not ease back in Hungary.
The Hungarian Government are BROKE, and POWERLESS to have ANY effect on Inflation.
Economically & Financially – we are as a country are in a FREE FALL trend – heading deeper into a humongous deep blackened hole.
Nothing is Going to get CHEAPER in Hungary.
I must say that I’m no longer so keen to get home (sorry mom 🙁 ).
I know that reality will really bite, I know that my jaw will drop when I go to do my shopping at the local market, at my fave bakery and in the supermarket. 🙁 Many “thanks” to the way this Government is “managing” our economy – Oh sorry, it’s all the EU’s fault, they hold the reins.