Hungarian Parliament building

Hungary Inflation

Hungary Inflation

Inflation in Hungary

Consumer price inflation in Hungary averaged 4.8% in the ten years to 2024, in line with the Central & Eastern Europe regional average of 3.9%. The 2024 average figure was 3.7%. For more information on inflation, visit our dedicated page.

Hungary Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Hungary from 2025 to 2019.
Source: Macrobond.

Hungary Inflation Data

2020 2021 2022 2023 2024
Inflation (CPI, ann. var. %, aop) 3.3 5.1 14.6 17.1 3.7
Inflation (CPI, ann. var. %, eop) 2.7 7.4 24.5 5.5 4.6
Inflation (HICP, ann. var. %, aop) 3.4 5.2 15.3 17.0 3.7
Inflation (Core, ann. var. %, aop) 3.7 3.9 15.8 17.7 4.6
Inflation (PPI, ann. var. %, aop) 4.2 13.6 33.7 7.8 1.0

Inflation remains stable in September

Latest reading: Consumer prices increased 4.3% on a year-on-year basis in September, remaining stable for the third consecutive month and above the ceiling of the Central Bank’s 2.0–4.0% target range. September’s figure was in line with market expectations. Relative to the previous month's figures, there were higher price pressures for clothing and footwear (+0.9% on a year-on-year basis vs -0.4% in August) and transport (+2.1% vs +0.1% in August). In contrast, there were reduced price pressures for food and non-alcoholic beverages (+3.0% vs +4.7% in August) and housing and energy (+8.0% vs +8.5% in August). Meanwhile, core consumer prices were up 3.9% in annual terms in September, stable from the previous month's reading. Finally, consumer prices were unchanged in September in month-on-month terms, following a flat reading in the previous month.

Panelist insight: ING’s Peter Virovacz and Zoltán Homolya said: “Looking ahead, the inflation rate may rise in the coming months due to base effects. Where exactly it will peak depends largely on the outcome of the mandatory price shield measures. Our inflation forecast of 4.6% for this year remains unchanged. […] In light of this, the strict monetary policy stance and the unchanged base rate are certain to remain in place in the short term. At the same time, there is an increasing chance that the benchmark rate will remain at 6.50% for most, if not all, of 2026. This is because the Hungarian economy may experience shocks over the next one or two years that carry clear inflationary risks. Examples include government-driven demand stimulus affecting households' financial situation, the elimination of margin freezes, the end of voluntary price caps, and a double-digit increase in the minimum wage each year for the next two years.”

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 36 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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