Prices increase by 13.7% in July compared to same month of the previous year
Consumer prices were 13.7% higher on average in July 2022 than a year earlier. The highest price rises were measured for food and consumer durables year-on-year. In one month, consumer prices increased on average by 2.3%.
In 12 months, compared to July 2021:
A price rise of 27.0% was recorded for food, within it mostly margarine (by 65.8%), bread (by 57.9), cheese (by 52.6%), pasta products (by 49.1%), milk products (by 43.8%), poultry meat (by 38.8%), rolls (by 38.5% ) and eggs (by 37.5%) became more expensive. The price of seasonal food products (potato, fresh vegetables, fruits) went up at a rate below the average, by 13.0%. Chocolate and cocoa cost 12.7%, sugar 8.4% and edible oil 6.9% more. Consumers paid 14.0% more for consumer durables, within it 20.1% more for kitchen and other furniture, 18.2% more for living and dining room furniture, 17.9% more for second-hand passenger cars and 17.5% more for new passenger cars. Alcoholic beverage and tobacco prices rose by 11.2% on average, within it alcoholic beverage prices grew by 13.2%. The price of pet food became 33.1%, household repair and maintenance goods’ prices 26.5%, the price of toilet articles 16.9% and motor fuel prices 6.7% higher. Service charges were up by 6.8%, within it taxi cost 27.4% more, repair and maintenance of dwellings 20.7%, the repair and maintenance of vehicles 16.4% and recreational services were 13.1% more expensive.
In one month, compared to June 2022:
Consumer prices increased by 2.3% on average. Food became 4.1% more expensive, within it other confectionary products cost 21.3%, bread 12.7%, pasta products 7.8%, rice 7.4%, cheese 6.9%, non-alcoholic beverages 5.7%, milk products 5.5%, rolls 5.4% more for consumers, while the price of seasonal food items decreased by 3.7%. A price rise of 3.7% was observed for alcoholic beverages and tobacco, within it tobacco prices increased by 3.8%, alcoholic beverages by 3.6%, due to the increase in excise duty for both product groups. A price increase of 1.9% was measured for consumer durables, within which new passenger cars being 4.7% more expensive. Prices of services increased by 1.6%, within these consumers paid 10.3% more for recreational services, 9.7% more for postal services and 4.6% more for other public entertainment (sports and museums).
In January–July 2022 compared to same period of the previous year:
Consumer prices were up on average by 10.0% for all households and by 9.9% among pensioner households.
Consumer price indices, July 2022
(%)
| Denomination | Previous month=100.0 | Corresponding month of previous year=100.0 |
|---|---|---|
| Consumer price index | 102.3 | 113.7 |
| Harmonised index of consumer pricesa) | 102.4 | 114.7 |
| Core inflation (original, seasonally unadjusted)b) | 103.0 | 116.7 |
| Consumer price index for pensioners | 102.3 | 113.8 |
a) Contrarily to the consumer price index, the harmonised index of consumer prices also takes into account the consumption of foreigners within Hungary in accordance with EU requirements, therefore, it is affected by the fact that passenger cars with no Hungarian registration document can only be refuelled at market prices instead of administrative prices from 27 May 2022. This is the reason for the higher-than-usual difference between the consumer price index and the harmonised index of consumer prices.
b) The Hungarian Central Statistical Office applies a new methodology for the computation of core inflation from April 2021, the indicator no more includes 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).