BUDAPEST, Feb. 11 (Xinhua) -- Hungarian consumer prices were 5.5 percent higher on average in January 2025 than a year earlier, according to data published by the Hungarian Central Statistical Office (KSH) on Tuesday.

This figure is much higher than the 4.6 percent recorded in December, and also well above analysts' predictions of a rate of 4.9 percent for January.

On an annual basis, food prices were up by 6.0 percent. Electricity, gas, and other fuel prices edged up by 0.2 percent, while services rose sharply by 8.5 percent.

"The inflation rate was still at 3 percent in September, exactly at the central bank's target, but then it started to rise ... The main driving forces behind this were rising food prices and the weakening of the (local currency) forint," online business portal Portfolio commented, adding that the data was a "huge surprise."

Core inflation jumped from 4.7 percent to 5.8 percent, Portfolio said.

The Ministry for National Economy said the new data was "unacceptable" and vowed to protect Hungarian families.

The government is committed to keeping inflation at a low level and is doing everything possible to ensure that the early-year increase does not become permanent, the ministry said in a statement sent to Xinhua.

"The higher inflation rate in January is a temporary phenomenon, caused by base effects, the annual repricing of services, and the rising prices of some essential food items, such as milk and eggs," the statement said.

To protect families and pensioners, the government continuously monitors inflation trends and will intervene immediately with all available tools, if necessary, to keep food prices under control, the statement said. Enditem

Related

Go to Forum >>0 Comment(s)