Hungary Inflation September 2022

Hungary

Hungary: Inflation comes in at highest level since November 1996 in September

October 12, 2022

Inflation came in at 20.1% in September, which was up from August’s 15.6%. September's reading represented the highest inflation rate since November 1996. The reading was primarily due to rising prices for clothing and footwear. In addition, price pressures for housing and energy rose at a quicker pace.

The trend pointed up, with annual average inflation coming in at 10.7% in September (August: 9.4%). Meanwhile, core inflation rose to 20.7% in September, from August’s 19.0%.

Finally, consumer prices increased 4.10% in September over the previous month, accelerating from the 1.80% increase logged in August. September's uptick marked the highest reading since January 1996.

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

“Inflation in Hungary is expected to strengthen further in the coming months. However, we expect the pace of acceleration to slow down significantly. In practice, we see much lower month-on-month inflation prints going forward, which means we will possibly see the peak in inflation within six months.”

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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