Hungary Inflation August 2022

Hungary

Hungary: Inflation comes in at highest level since May 1998 in August

September 9, 2022

Inflation increased to 15.6% in August, above July’s 13.7%. August's reading marked the highest inflation rate since May 1998. Looking at the details of the release, prices for clothing and footwear increased at a quicker pace in August and prices for food and non-alcoholic beverages rebounded. Meanwhile, housing and energy prices accelerated.

Annual average inflation rose to 9.4% in August (July: 8.5%). Meanwhile, core inflation rose to 19.0% in August, from the previous month's 16.6%.

Finally, consumer prices rose 1.80% over the previous month in August, moderating from July's 2.33% increase.

Commenting on the short-term outlook for inflation, Peter Virovacz, senior economist at ING, stated:

“Inflation in Hungary is expected to rise further in the coming months. Corporates will probably continue to pass on some burden coming from the tax changes and higher energy costs to consumers. The changes in the utility bill support scheme will also have a pro-inflationary impact.”

FocusEconomics panelists see inflation averaging 10.1% in 2022, which is up 0.7 percentage points from last month’s projection. For 2023, the panel sees inflation averaging 6.5%.


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