Hungary Inflation April 2022

Hungary

Hungary: Inflation rises in April

May 12, 2022

Consumer prices rose 1.63% from the previous month in April, picking up from March's 0.98% increase. April's result was the highest reading since January 2012. The result was primarily driven by increasing prices for clothing and footwear. In addition, price pressures for food and non-alcoholic beverages.

Inflation came in at 9.5% in April, which was up from March’s 8.5%. April's reading marked the highest inflation rate since June 2001. Meanwhile, the trend pointed up, with annual average inflation coming in at 6.7% in April (March: 6.4%). Lastly, core inflation rose to 10.3% in April, from the previous month's 9.1%.

Commenting on the release, Peter Virovacz, senior economist at ING, stated:

“Inflation in Hungary is expected to rise further in the coming months, as the economy continues to show a significant demand-supply mismatch. Labour shortage, rising wages and other supply-side shocks are increasingly spilling over into consumer prices, with companies enduring significant pricing power. Recent surveys are showing that roughly 60-80% of companies (depending on their respective sectors) are planning further price rises.”

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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