Food and Service Prices Rise as Energy Costs Fall

In July, consumer prices were on average 4.1 percent higher than a year earlier, as reported by the Hungarian Central Statistical Office (KSH). Compared to June 2024, prices increased by 0.7 percent, with fuels rising by 3.8 percent. Food prices rose

By: hungarytoday.hu

Aug 08 2024
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Food and Service Prices Rise a

In July, consumer prices were on average 4.1 percent higher than a year earlier, as reported by the Hungarian Central Statistical Office (KSH).

Compared to June 2024, prices increased by 0.7 percent, with fuels rising by 3.8 percent. Food prices rose by 2.7 percent from July 2023, with significant increases in sugar (46.3 percent), flour (12.4 percent), pork (10.7 percent), chocolate and cocoa (10.0 percent), and restaurant meals (8.0 percent). Prices for eggs fell by 14.7 percent, dairy products by 8.0 percent, dry pasta by 7.6 percent, and bread by 4.6 percent.

Consumer price index by main groups in July 2024. (Clockwise: groceries, alcoholic drinks & tobacco, clothing, consumer durables, household energy, fuels, services). Source: ksh.hu

Services saw a 9.1 percent increase over the past year, with notable rises in rents (11.7 percent), personal care services (10.3 percent), and vehicle repair and maintenance (10.0 percent). Clothing and tobacco prices increased by 4.2 percent year-on-year, with tobacco up by 4.3 percent. 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 rose by 0.6 percent.

Driven by increases in flour (38.1 percent), sugar (13.9 percent), and cooking oil (9.0 percent). Services increased by 1.1 percent, including holiday services (12.3 percent) and postal services (5.0 percent). Household energy prices fell by 0.8 percent, with piped gas decreasing by 1.6 percent.

Inflation Remains Steady in July, Economic Outlook is Positive