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Wednesday, February 28, 2024

Hungary. Inflation in November. “Serious problems at Lake Balaton”

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Inflation in Hungary amounted to 22.5 percent in November in annual terms, the Hungarian statistical office reported. Government representatives admit that this is not yet the peak, and prices will soon increase even more due to the abolition of the price limit for fuel. “Serious problems at Lake Balaton” – wrote Piotr Bujak from PKO BP in a commentary.

Food prices rose by 43.8% in November, according to data from the Hungarian Statistical Office. year on year, with the highest increases in the prices of eggs (102.9%), bread (81.8%), dairy products (79%) and cheese (78.8%).

Inflation increased more than expected in November, mainly due to further increase in food prices, Hungarian economist Gergely Suppan told index.hu.

Moreover energy price for households increased by 65.9% during the year, including the price of gas by 124.3% and electricity by 28.3%. KSH reported.

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“Serious problems at Lake Balaton,” he wrote in a commentary on the latest data from Hungarian Piotr Bujak, chief economist and director of the economic analysis department of PKO Bank Polski. The bank’s analysts pointed out that in the case of Hungary, core inflation increased to 24.0 percent. y/y versus 22.3 percent y/y in October.

Market fuel prices will boost inflation

The presented data also include the fuel price limit of HUF 480 (approx. PLN 5.50) per liter, which was introduced in November 2021. On the night from Tuesday to Wednesday, the Hungarian government decided, at the request of the oil and gas company MOL, to abolish it. The reason was supply problems combined with a sudden increase in demand and panic among drivers.

Economic Development Minister Marton Nagy said on Wednesday evening that the quota would be withdrawn fuel prices will raise inflation by 2-2.3 percentage points in December.

Main photo source: kirill_makarov / Shutterstock.com

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