GKI: this is how overheads increased, and this is how it will affect the budget

Monthly utilities increase by HUF 13,000 per household on average

This means that households faced significant additional expenses due to the reduction in utility bills. Based on the consumer price index, electricity accounts for 1.71% of expenses, while piped gas accounts for 1.873% (3.583% in total). The difference between the consumer and the corrected harmonized consumer price index means that household energy expenses could have increased by nearly 55% in August (based on the weighting, it will be from 15.6% to 17.6%).

The latest KSH data on household expenses is from 2020, based on which we spent HUF 22,928 billion at that time. According to our estimate, households may spend HUF 30,000 billion in 2022, which means that an average household would have spent HUF 281,000 on electricity and piped gas if the price had not changed. With the estimated price increase, this means that the annual expenditure will increase to HUF 436,000. The smaller part of the increase will be realized this year (the annual average thus increases to 333 thousand HUF), the larger part will be paid next year, when the full amount (436 thousand HUF per year) must be paid. Overall, the monthly utilities increase by HUF 13,000 per household on average. This is in line with what the population estimated earlier (+27 thousand HUF/month among those affected by the measures), since 35% of households do not heat with gas or electricity (taking this into account, approx. 20 thousand HUF/month among the affected households the increase will be snow). We can also expect that households will try to moderate energy consumption, so the actual additional cost will be lower.

GKI