Hungarian Parliament building

Hungary Inflation February 2024

Hungary: Inflation falls to over two-year low in February

Inflation dropped to 3.7% in February, edging down from January’s 3.8%. February’s result marked the lowest inflation rate since March 2021. Looking at the details of the release, prices for clothing and footwear fell in February while prices for food and non-alcoholic beverages were steady. Meanwhile, housing and energy prices rose at a softer pace.

Annual average inflation fell to 13.4% in February (January: 15.2%). Meanwhile, core inflation fell to 5.1% in February, from the previous month’s 6.1%.

Finally, consumer prices rose 0.67% in February over the previous month, picking up from January’s 0.65% increase. February’s uptick marked the highest reading since August 2023.

Commenting on the outlook, ING’s Peter Virovacz and Dávid Szonyi stated:

“Going forward, we expect monthly repricing to be somewhat lower, with headline inflation hovering around 3.3-3.5% YoY in the coming months. Services inflation is likely to remain the main driver, and the rise in fuel prices should add to the monthly price adjustment. However, the generally benign inflation picture will not last too long; we expect two rounds of reflation this year.”

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