Consumer prices in Hungary increased by 3.7% on average in February 2024 compared to the same month the previous year, according to new data from KSH, the Hungarian Central Statistics Office. Prices saw a 0.7% rise on a month-on-month basis.
Food prices were 2.2% higher compared to February 2023, with notable increases seen in sugar (32.8%), chocolate and cocoa (14.4%), non-alcoholic beverages (12.7%), buffet products (12.2%), and pork (9.4%). Conversely, flour (19.6%), eggs (19.1%), cheese (15.6%), butter (15.3%), pasta products (13.4%), and milk (11.2%) experienced price decreases.
Electricity, gas, and other fuels became 9.0% cheaper, while service prices rose by 10.0%. Parking, car rental, and motorway charges saw an increase of 10.8%, while entertainment tickets rose by 9.5%, and recreational services were 9.7% more expensive.
Additionally, prices of alcoholic beverages and tobacco increased by 5.3%, with alcoholic beverages rising by 5.9%. Pet food prices surged by 11.9%, while detergent prices increased by 11.0%. Pharmaceutical products experienced a 7.3% price hike, and personal care prices rose by 4.7%.
On a month-on-month basis, consumer prices were up 0.7% in February 2024, compared with January. Food prices were 0.2% more expensive, electricity and gas rose 0.6% and services were up 0.6%.
Retail Trade Volumes
According to further data from KSH, retail trade volumes in Hungary increased by 0.6% in January compared to the same period last year. Calendar-adjusted volumes rose by 0.2% in both specialised and non-specialised food outlets.
The data also revealed a 4.6% decrease in volumes in automotive fuel retailing during the period, while non-food retailing experienced a 0.9% decline. However, there was no change in the volume of retail sales on a month-to-month basis.
In terms of ‘non-specialised food and beverage shops,’ which represent 76% of the food retail market, the volume of sales increased by 1.0%. Conversely, volumes in specialised food, beverage, and tobacco stores decreased by 2.1%.
