Rising Food and Service Prices Offset by Lower Energy Costs
Consumer Prices in Hungary Rise by 4.1 Percent Year-on-Year
In July 2024, consumer prices in Hungary were on average 4.1 percent higher than they were a year earlier, according to the Hungarian Central Statistical Office (KSH). This increase represents a 0.7 percent rise compared to June 2024.
The significant contributors to the rise in prices were fuels, which increased by 3.8 percent. Food prices also saw a notable increase of 2.7 percent from July 2023. Within the food category, prices for sugar rose by 46.3 percent, flour by 12.4 percent, pork by 10.7 percent, chocolate and cocoa by 10.0 percent, and restaurant meals by 8.0 percent. However, prices for eggs decreased by 14.7 percent, dairy products by 8.0 percent, dry pasta by 7.6 percent, and bread by 4.6 percent.
Services experienced a 9.1 percent increase over the past year, with rents rising by 11.7 percent, personal care services by 10.3 percent, and vehicle repair and maintenance by 10.0 percent. Clothing and tobacco prices also increased by 4.2 percent year-on-year, with tobacco specifically rising by 4.3 percent. On the other hand, household energy prices decreased by 4.5 percent, including piped gas (down 9.3 percent) and electricity (down 2.1 percent). Durable consumer goods prices fell by 0.5 percent, with used cars down by 7.4 percent.
In the month-to-month comparison, food prices continued to rise by 0.6 percent, driven by increases in flour (38.1 percent), sugar (13.9 percent), and cooking oil (9.0 percent). Additionally, services increased by 1.1 percent, including holiday services (12.3 percent) and postal services (5.0 percent). However, household energy prices fell by 0.8 percent, with piped gas decreasing by 1.6 percent.
Overall, the rise in consumer prices reflects the current economic situation in Hungary, with fluctuations in different sectors impacting the cost of living for residents. Stay tuned for more updates on the economic outlook and consumer trends in the country.
