In neighboring countries, food prices are already more than twenty percentage points lower

By: Trademagazin Date: 2024. 02. 23. 11:53

According to a recent research, food prices in neighboring countries are more than twenty percentage points lower than in Hungary. Based on a survey by the Magyar Nemzeti Bank, RTL Híradó reported that at the end of last year, dairy products, fats and oils cost nearly ten percent more in Hungary than the EU average. The prices of bread and fruit and vegetables also increased, while the price of meat decreased.

The aggregated data show that food prices in five EU member states are lower than in Hungary. The research found that between June 2021 and December 2023, food prices rose by 56.3 percent, mainly due to low productivity and high energy intensity. According to the central bank, these indicators have not changed significantly in the past year.

Currently, Hungarian food prices have essentially reached Dutch or Spanish levels, and are only 9-10 percent lower than French and German prices. The research points out that the price comparison site of the Economic Competition Authority reduced it, while the price caps increased the rate of inflation.