Hungary Inflation December 2021


Hungary: Inflation stable at over 14-year high in December

January 14, 2022

Consumer prices increased 0.31% in December over the previous month, following the 0.67% rise recorded in November. The sharpest price increases were recorded for motor fuels, clothing and footwear and consumer durables.

Inflation was stable at November’s 7.4%, which had marked the highest inflation rate since August 2007. Meanwhile, the trend pointed up, with annual average inflation coming in at 5.1% in December (November: 4.7%), the highest reading in over eight years. As a further sign of widespread inflation pressure, core inflation jumped to 6.4% in December from the previous month's 5.3%, marking the highest print since January 20082.

FocusEconomics panelists see inflation averaging 4.9% in 2022, which is up 0.4 percentage points from last month’s projection. For 2023, the panel sees inflation averaging 3.4%.

Author: Massimo Bassetti, Senior Economist

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Hungary Inflation Chart

Hungary Inflation December 2021

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Hungarian Central Statistics Office.

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