Food prices in Hungary have doubled in six years

By: Trademagazin Date: 2024. 09. 16. 12:14

In the last six years, we have witnessed a drastic increase in food prices in Hungary, where prices have doubled, compared to the average price increase of 40 percent in the European Union. The price of basic foodstuffs, such as flour, sugar and oil, showed the biggest rise, especially after the introduction of the price cap and the mandatory promotions, RTL Híradó reported.

The introduction of the price cap and the price increase

According to data from the Central Statistical Office, the rate of price increase from June to July was particularly significant for basic foodstuffs. The price of flour rose by 38.1 percent, sugar by 13.9 percent, and cooking oil by 9 percent. This price increase was mainly caused by the end of the price cap and the mandatory promotion, which the Hungarian government introduced this summer. Péter Szász, an analyst at Portfolio, emphasized that with the cancellation of these measures, the prices of price-fixed products jumped significantly.

European comparison

Compared to other countries of the European Union, the increase in food prices was particularly high in Hungary. In the past year, for example, Spain and the Netherlands had the lowest food prices, while in Hungary consumers had to face a significant price increase due to inflation and economic measures.

Investigation of the price increase

The price increase was investigated not only by customers, but also by the Economic Competition Authority. In particular, the office analyzed the effects of the introduction of the price ceiling, which directly affected the price of basic foodstuffs in stores.

The economic measures of recent years and the impact of global inflation have particularly severely affected the population in Hungary, especially in the area of food, where the increase in prices far exceeded the European average.