Hungarian Parliament building

Hungary Inflation September 2021

Hungary: Inflation comes in at highest level since October 2012 in September

Consumer prices increased 0.20% over the previous month in September, stable from August’s reading. September’s rise came on the back of higher prices for food, clothing and footwear and consumer durables.

Inflation increased to 5.5% in September, following August’s 4.9%. September’s reading represented the highest inflation rate since October 2012. Meanwhile, the trend pointed up slightly, with annual average inflation coming in at 4.0% in September (August: 3.9%). Lastly, core inflation rose to 4.0% in September, from August’s 3.6%.

Commenting on the release, Peter Virovacz, Hungary senior economist at ING, stated:

“The September inflation reading was in line with the market consensus, but it is higher than the NBH’s forecast published in September (5.5% vs 5.2-5.3%). As a result, we see an increased risk that inflation over 2021-2022 will be higher than outlined in the September Inflation Report. This would also mean further delays in reaching the inflation target without changing the central bank’s underlying rate hike path. According to the latest official communication, the rate hike cycle will continue in the next couple of months with 15bp steps. However, today’s data may force the NBH to change tempo again, this time increasing it. A stronger rate hike might be needed to anchor inflation expectations and to avoid second-round effects.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest