Hungarian Retailers Association Tackles Food Price Inflation Following January Sales Increase
Hungarian Retailers Offer Discounts to Combat Food Price Inflation
Local retailers in Hungary are stepping up to offer consumers discounts on a wide range of products in response to food price inflation, the Hungarian National Commerce Association announced on Thursday.
The association highlighted the price hikes by suppliers and emphasized the need for cooperation to tackle inflation. They expressed their full support for the government’s efforts to protect households from the impact of rising food prices.
According to data released by the Central Statistics Office (KSH), retail sales in Hungary saw a significant increase of 4.7% year-on-year in January. When adjusted for calendar year effects, retail sales still climbed by the same percentage.
Food sales specifically saw a 4.7% increase, while non-food sales rose by 5.6% and vehicle fuel sales went up by 1.9%. Retail sales also rose by 2.2% in a month-on-month comparison after adjusting for seasonal and calendar year effects. Overall, retail sales in January amounted to HUF 1,477 billion, with food sales accounting for 49%, non-food sales for 35%, and sales at petrol stations for 16%.
In response to the rising prices, the National Economy Ministry called for retail chains to voluntarily lower staple food prices by early next week to curb the “unacceptable” price increases.
This move comes as Hungarian retailers strive to support consumers and mitigate the impacts of food price inflation in the country.
