GVH: Annual food inflation practically dropped to zero in March

By: Trademagazin Date: 2024. 04. 11. 14:13

Food inflation measured on an annual basis was 0.7 percent in March 2024, according to data published by the Central Statistical Office (KSH) on Thursday morning. Accordingly, food prices have practically stagnated in the past 12 months, which – in addition to government and central bank measures – also contributed to the online Price Monitor operated by the Economic Competition Authority (GVH). According to the KSH’s data release, inflation measured on an annual basis also decreased further in March, to 3.6 percent. The further decreasing inflation and food inflation play an important role in the recovery of economic growth in 2024.

The latest KSH data published on Friday show that the inflation measured in an annual comparison affecting food is decreasing month by month. Compared to the peak of 44.8 percent in December 2022, the pace of food price increases has been steadily decreasing for the 15th month now, thanks to targeted government measures, the actions of the central bank, the active interventions of the Economic Competition Authority, our investigations and proposals to stimulate competition, including the online Price Monitoring system. The latest data show that the monthly food price increase of 0.7 percent in March 2024 has not been this low for almost eight years, and was last the same in April 2016.

The KSH data also highlight that inflation measured on an annual basis also continued to decrease. As a result of the disinflation process, which has been going on for 14 months, the annual price increase has decreased to 3.6 percent by March 2024. It was last lower than this in February 2021 in Hungary.