Hungary Inflation May 2021


Hungary: Inflation stable at over eight-year high in May

June 9, 2021

Consumer prices rose 0.50% from the previous month in May, following April's 0.80% jump. May's figure largely reflected soaring prices for motor fuels, food and clothing and footwear.

Inflation remained steady at 5.1% in May from April, when it marked the strongest rise since November 2012, and therefore remained above the upper bound of the Central Bank’s target range of 3.0% plus or minus 1.0 percentage point. Meanwhile, the trend moved higher, with annual average inflation coming in at 3.5% from April’s 3.3%. Lastly, core inflation rose to 3.4% from the previous month's 3.1%.

FocusEconomics panelists see inflation averaging 3.8% in 2021, which is up 0.1 percentage points from last month’s projection. For 2022, the panel sees inflation averaging 3.2%.

Author: Massimo Bassetti, Senior Economist

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Hungary Inflation Chart

Hungary Inflation May 2021

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

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