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Hungary. Inflation – June 2023, new data on Hungarian inflation

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Inflation in Hungary in June 2023 slowed down to 20.1 percent year-on-year from 21.5 percent in May, the local statistical office (KSH) announced on Friday. The price increase is slightly higher than analysts expected. The market consensus was for an increase of 20 percent year-on-year. Electricity, gas and food prices increased the most. Although inflation is still over 20 percent, the June reading is the lowest since September 2022.

The Hungarian statistical office reported that in June this year compared to June 2022, food prices increased by an average of 29.3 percent. Confectionery products rose by 53 percent, bread by 48.6 percent, dairy products by 41.4 percent. eggs by 40.1 percent. You also have to pay much more for butter than a year ago – an increase of 35.6 percent, pasta – 30.4 percent. The lowest price increases concerned flour – by 5.8 percent. and oil – 3.1 percent.

In addition electricity pricesgas and other fuels increased by 34.3% during the year, including gas prices by 43% and electricity by 26.6%.

Hungary is an infamous leader in the European Union

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The Hungarian statistical office reported that consumer prices rose by an average of 0.3% on a monthly basis.

Despite braking inflation over Lake Balaton Hungary still have the highest inflation in the entire European Union. According to data from the EU statistical office Eurostat, Hungary has been the leader of the infamous ranking since November 2022.

Main photo source: Shutterstock

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