Consumer prices increase by 3.8% on average compared to same month of previous year
Consumer prices were 3.8% higher on average in January 2024 than a year earlier. Compared to December, prices were up by 0.7% on average, however, clothing and footwear became 2.1% cheaper.
In 12 months, compared to January 2023:
A price increase of 3.6% was recorded for food, within which the highest ones for the following: 38.2% for sugar, 14.6% for non-alcoholic beverages, 14.1% for chocolate and cocoa, 12.7% for buffet products and 10.0% for pork. Within the product group, flour prices decreased by 19.0%, the price of eggs by 17.8%, that of cheese by 15.6%, butter prices by 13.8%, the price of pasta products by 13.2% and milk prices by 10.2%. Electricity, gas and other fuels became 11.3% cheaper, within which 25.0% less had to be paid for natural and manufactured gas and 3.4% less for electricity and 2.0% more for firewood. Services became 10.4% more expensive, within which rents grew by 13.9% and the repair and maintenance of vehicles became 11.9%, motorway use, renting a car and parking 11.3%, other public entertainment tickets 10.9% and recreational services 10.2% more expensive and travel to work or school 21.7% cheaper. Alcoholic beverages and tobacco prices were up by 8.1%, within which the price of tobacco by 9.2%. Pet food prices rose by 20.0%, the price of detergents by 11.1%, that of pharmaceutical products by 8.0% and toilet articles prices by 4.7%. Consumers paid 1.4% less for consumer durables, within which the price of second-hand passenger cars was cut by 9.9% and that of kitchen and other furniture increased by 7.6%, heating and cooking appliances prices by 3.7%, the price of living and dining room furniture by 2.6% and that of new passenger cars by 1.3%. Motor fuels became 11.9% cheaper.
In one month, compared to December 2023:
Consumer prices rose by 0.7% on average. Food became 1.2% more expensive on average, dominantly owing to a 6.4% increase in the price of seasonal food items (potatoes, fresh vegetables and fresh domestic and tropical fruits). Food prices excluding this group went up by 0.7% on average. Butter cost 3.1%, cheese 1.6%, milk 1.2% and pork 1.1% more and edible oil 1.6%, sugar 1.3%, flour 1.2% and bread 0.7% less for consumers. Consumers paid 0.9% more for electricity, gas and other fuels, within which 1.7% more for natural and manufactured gas and 1.3% more for firewood (Press release). Services became 0.5%, within which motorway use, renting a car and parking – as an effect of a rise in motorway tolls – 8.4% and postal services 4.8% more expensive, rents increased by 2.5% and the repair and maintenance of vehicles became 2.3% and the repair and maintenance of dwellings 1.8% more expensive. Clothing and footwear became 2.1% cheaper due to the end-of-season sale. Motor fuel prices were cut by 0.5%.
Consumer price indices, January 2024
(%)
| Denomination | Previous month = 100.0 | Corresponding month of previous year = 100.0 |
|---|---|---|
| Consumer price index | 100.7 | 103.8 |
| Harmonised index of consumer prices | 100.7 | 103.7 |
| Core inflation (original, seasonally unadjusted)a) | 100.4 | 106.1 |
| Consumer price index for pensioners | 100.8 | 103.9 |
a) The Hungarian Central Statistical Office applies a new methodology for the computation of core inflation from April 2021, the indicator no more including changes in the price of alcoholic beverages and tobacco. The time series were revised back to January 1995. Seasonally adjusted indices are available in Table 1.2.1.7 of Summary tables (Stadat).