Will the price increase continue?

By: Trademagazin Date: 2024. 08. 08. 12:20

According to the latest data, Hungarian customers still could not escape the drastic price increase of certain foodstuffs. In the past month, the prices of flour, UHT milk, and granulated sugar have risen significantly, and compared to last year, even the prices of chicken breast fillets and pork legs are brutally higher. The continuous rise in prices places new burdens on consumers, who are already beginning to lose hope that inflation will moderate.

In July 2024, consumer prices increased by an average of 4.1% compared to the same period of the previous year. In terms of the annual price increase, granulated sugar leads the list with a 57.5% increase in price, followed by a 33.7% increase in the price of UHT milk and a 27.6% increase in chicken breast fillet. In addition, the pork leg, the line mark and the women’s sweater also show a significant price increase of over 20%.

Although the prices of some products have decreased compared to the previous year, for example red onions have become 27.4% cheaper, the prices of most basic food items continue to show an upward trend.

The price increase experienced from June to July was also significant, since in a single month the price of flour rose by 46.6%, the price of UHT milk by 24.8%, and the price of granulated sugar by 18.1%. Other foods on the price increase list, such as carrots, chicken breast fillets and sunflower cooking oil, also showed a price increase of more than 10% in one month. Accommodation prices also increased, apartments went up by 8.3% on average, and 4-star hotels by 6.2%.

On the other hand, the prices of some seasonal products fell: green peppers became cheaper by 26.5%, early potatoes and watermelons by more than 20%. The price of tomatoes decreased by 16.6%, and cucumbers, onions, pears and butter also became cheaper by more than 5% on average.