Inflation in Hungary
Consumer price inflation in Hungary averaged 3.3% in the ten years to 2022, which is below the Eastern Europe regional average of 7.7%. The 2022 average figure was 14.6%. For more inflation information, visit our dedicated page.
Hungary Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Hungary from 2022 to 2019.
Source: Macrobond.
Hungary Inflation Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Inflation (CPI, ann. var. %, aop) | 3.3 | 3.3 | 5.1 | 14.6 | 17.1 |
Inflation (CPI, ann. var. %, eop) | 4.0 | 2.7 | 7.4 | 24.5 | 5.5 |
Inflation (HICP, ann. var. %, aop) | 3.4 | 3.4 | 5.2 | 15.3 | 17.0 |
Inflation (Core, ann. var. %, aop) | 3.1 | 3.7 | 3.9 | 15.8 | 17.7 |
Inflation (PPI, ann. var. %, aop) | 2.1 | 4.2 | 13.6 | 33.7 | 7.8 |
Inflation comes in at highest level since December 2023 in May
Inflation rose to 4.0% in May, from April’s 3.7%. May's result was the highest inflation rate since December 2023. Prices for electricity, gas and other fuels fell at a softer pace in May, while price pressures for food and services remained stable. Lastly, prices for alcohol and tobacco, plus clothing and footwear, rose at a softer pace. The trend pointed down, with annual average inflation coming in at 8.7% in May (April: 10.0%). Meanwhile, core inflation edged down to 4.0% in May, from April’s 4.1%. Lastly, consumer prices fell 0.06% over the previous month in May, swinging from April's 0.70% increase. May's result marked the weakest reading since December 2023.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Hungarian inflation projections for the next ten years from a panel of 34 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Hungarian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Hungarian inflation projections.
Want to get access to the full dataset of Hungarian inflation forecasts? Send an email to info@focus-economics.com.
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