Hungarian Parliament building

Hungary Inflation

Hungary Inflation

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: Statistical Office Hungary.

Hungary Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 2.8 3.3 3.3 5.1 14.6
Inflation (CPI, ann. var. %, eop) 2.7 4.0 2.7 7.4 24.5
Inflation (HICP, ann. var. %, aop) 2.9 3.4 3.4 5.2 15.3
Inflation (Core, ann. var. %, aop) 2.0 3.1 3.7 3.9 15.8
Inflation (PPI, ann. var. %, aop) 5.5 2.1 4.2 13.6 33.7

Inflation rises in April

Inflation came in at 3.7% in April, up from March’s 3.6%. Looking at the details of the release, housing and energy prices dropped in April compared to the previous month, while price pressures for food and non-alcoholic beverages flatlined. Moreover, prices for transport grew at a more subdued pace. Annual average inflation fell to 10.0% in April (March: 11.7%). Meanwhile, core inflation fell to 4.1% in April, from the previous month's 4.4%. Lastly, consumer prices increased 0.70% over the previous month in April, which was below the 0.79% rise seen in March.

Commenting on the outlook, ING’s Peter Virovacz and Dávid Szonyi stated: “It is challenging to make accurate projections for the second half of the year. The Hungarian economy appears weak while labour market tightness has eased, potentially slowing the favourable wage growth process. The cautionary motive of households persists, with the gross savings rate still being at historically elevated levels. In this regard, a significant rebound in consumption is yet to be seen, and all of these factors are therefore likely to provide a headwind to inflation in the coming months.”

Consensus Forecasts and Projections for the next ten years

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 33 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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