Hungarian Parliament building

Hungary Inflation May 2023

Hungary: Inflation drops to lowest level since October 2022 in May

Inflation eased to 21.5% in May from April’s 24.0%. May’s reading marked the lowest inflation rate since October 2022. The decline was driven by falling prices for clothing and footwear and easing price pressures for housing and energy. Moreover, prices for transport dropped.

The trend pointed up, with annual average inflation coming in at 21.0% in May (April: 20.1%). Meanwhile, core inflation fell to 22.8% in May, from the previous month’s 24.8%.

Lastly, consumer prices fell 0.37% in May over the previous month, swinging from April’s 0.67% increase. May’s result marked the weakest reading since September 2020.

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