BUDAPEST, July 8 (Xinhua) -- Hungary's consumer price index rose by 4.6 percent year-on-year in June, according to data released Tuesday by the Hungarian Central Statistical Office (KSH). On a monthly basis, inflation edged up 0.1 percent.
Food prices surged 6.2 percent compared to June 2024, with sharp increases recorded for eggs (26.0 percent), flour (24.4 percent), and edible oil (22.2 percent). In contrast, prices for margarine and dairy products dropped by 31.2 percent and 7.2 percent, respectively. Service prices increased 5.4 percent year-on-year, while motor fuel prices declined by 1.0 percent.
Economic analysts attributed the inflation uptick to seasonal trends. "The rise in food inflation, despite widespread margin controls, is largely due to unexpected price hikes in fruits and vegetables, which typically become cheaper in June," Hungarian business portal Portfolio noted. The report also highlighted continued pressures in energy and durable goods pricing, suggesting that without government interventions, inflation would be closer to 6 percent.
Meanwhile, the Ministry for National Economy reaffirmed in a statement its commitment to protecting Hungarian families and pensioners. It cited ongoing efforts to combat "unjustified price hikes," including retail margin caps on 30 essential food items, and since May, on household and personal care products. These measures have reportedly resulted in a 20-26 percent average price drop in affected categories.
The ministry also pointed to voluntary price caps agreed with banks, insurers, and telecom providers, as well as a price rollback on selected pharmaceutical products that took effect July 1.
Analysts expect inflation to remain volatile, with price stability unlikely before 2027. ■