Prices increase by 15.6% in August compared to same month of previous year
Consumer prices were 15.6% higher on average in August 2022 than a year earlier. The highest price rises were measured for food and consumer durables over the last twelve months. In one month, consumer prices increased by 1.8% on average.
In 12 months, compared to August 2021:
A price rise of 30.9% was recorded for food, within which the highest price increases for the following: 66.9% for margarine, 64.3% for bread, 61.0% for cheese, 57.9% for pasta products, 54.7% for milk products, 54.5% for butter, 45.4% for rolls, 42.0% for eggs, 40.9% for rice and 40.4% for both poultry meat and other confectionary products. The price of seasonal food items (potatoes, fresh vegetables, fruits) went up at a rate below the average, by 15.9%. Chocolate and cocoa cost 17.1%, sugar 9.3% and edible oil 5.0% more for consumers. Consumers paid 14.8% more for consumer durables, within which 20.9% more for kitchen and other furniture, 19.9% more for new passenger cars, 19.3% more for living and dining room furniture and 18.1% more for second-hand passenger cars. Alcoholic beverage and tobacco prices rose by 13.1% on average, within which alcoholic beverage prices by 15.5%. The price of pet food became 40.3%, butane and propane gas prices 27.4%, household repair and maintenance goods’ prices 26.7%, the price of toilet articles 20.3% and motor fuel prices 6.2% higher. Service charges were up by 7.7%, within which a taxi cost 27.3%, the repair and maintenance of dwellings 21.7%, the repair and maintenance of vehicles 18.1% and recreational services 13.5% more for consumers, and rents rose by 12.5%.
In one month, compared to July 2022:
Consumer prices increased by 1.8% on average. Food became 3.3% more expensive, within which milk products and butter cost 8.2%, pasta products 6.1%, rice 5.6%, milk and cheese both 5.4%, bread 5.3% and rolls as well as chocolate and cocoa 5.0% more and other meat preparations 1.2% less for consumers. The price of alcoholic beverages and tobacco rose by 1.9%, within which alcoholic beverages became 2.5% and tobacco 1.5% more expensive. Consumer durables prices were up by 1.2%, within which the price of new passenger cars by 2.6%. Service prices rose by 1.3%, within which consumers paid 4.7% more for recreational services and 2.0% more for the repair and maintenance of vehicles. With the start of the new semester approaching, rents went up by 2.4%. Motor fuel prices increased by 0.3%, since beneficiaries of the regulated price no more include passenger cars owned by companies, and the higher price of motor fuels purchased into vehicles that can also be used for private purposes out of these makes part of the consumer price index.
The change in natural and manufactured gas and electricity prices as of 1 August will be first published – after households receive and pay the first bills with increased amounts – in September data of the consumer price index calculated in accordance with the domestic methodology (Press release).
In January–August 2022 compared to same period of previous year:
Consumer prices were up by 10.7% for all households on average and by 10.6% among pensioner households.
Consumer price indices, August 2022
(%)
| Denomination | Previous month=100.0 | Corresponding month of previous year=100.0 |
|---|---|---|
| Consumer price index | 101.8 | 115.6 |
| Harmonised index of consumer pricesa) | 103.7 | 118.6 |
| Core inflation (original, seasonally unadjusted)b) | 102.2 | 119.0 |
| Consumer price index for pensioners | 101.8 | 115.7 |
a) Contrarily to the consumer price index, the harmonised index of consumer prices (HICP) also takes into account the consumption of foreigners within Hungary in accordance with EU requirements. Therefore, it is affected by the fact, too, that passenger cars with no Hungarian vehicle licence can only be refuelled at market prices instead of regulated prices from 27 May 2022. Also in accordance with EU requirements, changes in the price of services shall be entered into the HICP for the month in which the particluar services are actually used, thus, the price changes of natural and manufactured gas and electricity that were introduced on 1 August 2022 already affect the HICP for August. These are the reasons 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).