Hungary Inflation May 2022


Hungary: Inflation comes in at highest level since May 2001 in May

June 9, 2022

Consumer prices rose 1.65% in May over the previous month, picking up from April's 1.63% increase. May's uptick marked the highest reading since January 2012. Looking at the details of the release, prices for clothing and footwear plunged in May. Prices for food and non-alcoholic beverages were steady.

Inflation came in at 10.7% in May, up from April’s 9.5%. May's result represented the highest inflation rate since May 2001. Annual average inflation rose to 7.2% in May (April: 6.7%). Lastly, core inflation rose to 12.2% in May, from the previous month's 10.3%.

FocusEconomics panelists see inflation averaging 6.6% in 2022, which is up 1.2 percentage points from last month’s projection. For 2023, the panel sees inflation averaging 3.9%.

Author: Massimo Bassetti, Senior Economist

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