Inflation hits record high in Hungary last year

13
Jan
2023
News - Inflation hits record high in Hungary last year #economy #food #Hungary #inflation #services

by Property Forum | Economy

Consumer prices were 24.5% higher on average in December 2022 than a year earlier which is a new record, compared to the last decade. The highest price rises were measured for electricity, gas and other fuels as well as food over the last twelve months. Prices increased by 14.5% on average in 2022 compared to the previous year, Hungarian Central Statistical Office reports. 


In 12 months, compared to December 2021 price rise of 44.8% was recorded for food, within which the highest price increases for the following: 83.2% for cheese, 82.7% for eggs, 81.1% for bread, 79.4% for butter, 79.2% for milk products, 71.0% for other confectionary products, 70.8% for pasta products, 58.0% for margarine, 57.2% for rolls, 52.1% for milk and 51.5% for poultry meat. The lowest price rises were observed for flour (6.7%) and edible oil (1.5%). 

Electricity, gas and other fuels became 55.5% more expensive. Natural and manufactured gas prices went up by 97.8%, the price of firewood by 58.6%, that of butane and propane gas by 48.7% and electricity prices by 27.8%. Consumers paid 13.6% more for consumer durables: 24.1% more for new passenger cars, 20.8% more for heating and cooking appliances, 20.3% more for kitchen and other furniture and 18.7% more for living and dining room furniture. 

Alcoholic beverage and tobacco prices rose by 13.4% on average. Pet food prices became 48.8%, the price of detergents 34.2%, that of household repair and maintenance goods 30.8% and toilet article prices 28.5% higher. Consumers paid 27.0% more for motor fuels. Service charges were up by 9.5%: a taxi cost by 30.0%, the repair and maintenance of dwellings by 24.3%, the repair and maintenance of vehicles by 22.6%, other public entertainment tickets by 22.0%, recreation in the country by 20.9% and personal care services 17.9% more for consumers.

In 2022 compared to the previous year a price rise of 21.7% was recorded for electricity, gas and other fuels, 12.2% for consumer durables, 12.0% for other goods, 9.9% for alcoholic beverages and tobacco, 7.1% for services and 5.5% for clothing and footwear. Consumer prices went up by 15.2% on average among pensioner households.




New leases

  • UDH, one of Poland’s largest distributors of premium imported beers, has leased approximately 1,400 sq m of modern warehouse and office space at the Park Rysy Kraków distribution centre. The tenant, which has chosen to expand its operations in southern Poland, was once again represented by AXI IMMO.
  • Golden Star Estate has secured a long-term lease agreement with global technology solutions and consulting provider C&F for nearly 1,900 sqm of office space at the Konstruktorska Business Center. Following the transaction, the property, located in Warsaw’s Mokotów business district, is now almost fully leased. The Polish branch of C&F will officially relocate to the facility at the beginning of 2027.
  • Natland Group has committed to its long-term presence at Prague-based Rohan Business Center through a lease extension covering 2,004 sqm of office space, together with storage facilities and dedicated parking spaces, in a deal brokered by iO Partners.

New appointments

  • Indotek Group has announced the appointment of Diederik Bakker as Group Chief Investment Officer and Group Head of Asset Management. In his new role, the Dutch real estate investment professional will gradually assume responsibility for the company's ITAM (investment, transaction, and asset management) activities across 12 European countries, supporting the next phase of Indotek Group’s growth. His focus includes facilitating sound investment decisions across Europe and developing a group-level portfolio management strategy that combines local market knowledge with international asset management know-how.
  • Peakside Capital Advisors has appointed Bogi Gabrovic to advise the board and support its investment and acquisition activities in Poland. Gabrovic brings more than 25 years of CEE real estate experience to the role, having previously held senior executive positions at CTP, Golub & Company, and White Star Real Estate, where she managed transactions exceeding €2 billion.
  • Katarína Brydone, Jana Vlková and Vendula Maršová have been appointed as the first Equity Partners of Colliers’ Czech business. Brydone brings more than 20 years of experience in international real estate. Vlková has more than 25 years of experience in commercial real estate. Maršová, Partner and Head of Valuation and Advisory Services, brings more than 16 years of experience in real estate valuation and advisory.

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