News Article 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.