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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 2014 to 2023.
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 slides in January

Inflation came in at 3.8% in January, which was down from December’s 5.5% and surprised markets on the downside. January's reading represented the weakest inflation rate since March 2021. Looking at the details of the release, prices for clothing and footwear fell in January, while prices for food and non-alcoholic beverages rebounded. Meanwhile, housing and energy price growth moderated. Accordingly, the trend pointed down, with annual average inflation coming in at 15.2% in January (December: 17.1%). Meanwhile, core inflation fell to 6.1% in January, from the previous month's 7.6%. Finally, consumer prices increased 0.65% in January over the previous month, contrasting December's 0.32% fall. January's figure marked the highest reading since August 2023.

Commenting on the release, ING’s Peter Virovacz and Dávid Szonyi stated: “Headline inflation has already fallen below the upper limit of the central bank’s tolerance band, i.e. below 4%. However, it would be very premature to declare victory, as favourable base effects have essentially run their course. As a result, we expect inflation to stabilise (or ease slightly) in the coming months and to pick up again, especially in the second half of the year.”

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 30 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

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