GFM: A favorable turn can be identified in the development of food prices

By: Trademagazin Date: 2023. 10. 10. 12:00

The war, energy prices and misguided sanctions raised inflation in Hungary to such an extent that the central bank could not cope with it, so the government took over the task and responsibility of fighting inflation – highlighted the Ministry of Economic Development’s GFM in its commentary on the latest statistical data on Tuesday) .

In order to protect families, the government has undertaken to use its own means to break down and reduce inflation to single digits by the end of 2023. The plan is working, the targeted government measures are effective and efficient, so as a result, the government will reduce the sanctioned inflation to single digits before the end of the year, expectedly by November.

This is supported by the latest data from the Central Statistical Office (KSH), according to which the rate of inflation has been trending down for the eighth month, and government instruments have already reduced sanctioned inflation to 12.2 percent in September 2023. Compared to the 16.4 percent seen in August, this represents a more favorable level by more than 4 percentage points, moreover, it represents the most dynamic drop in the rate of inflation since January, the GFM pointed out.