Inflationary turn among Hungarians

Inflation processes have turned in a favorable direction this year after last year’s outliers. In the four-month period from July to the end of October, the Central Statistical Office measured a price increase of 3-4.1 percent on an annual basis, while in the same months of 2023 the price increase was 9.9-17.6 percent. The population is also feeling the slowdown in the pace of inflation, at least among middle-aged people – this is revealed by the K&H Komisár Újtod survey, which examined this issue among 30-59-year-olds in the third quarter.

Much fewer people experienced significant food price increases

Regarding food, 78 percent of respondents reported a particularly significant price increase, which is still the highest value compared to the other categories, but last year 92 percent saw the situation this way, so it is a significant improvement compared to that. Entertainment venues and restaurants were the second in order, where most people experienced a significant price increase: in the third quarter 66 percent of respondents reported a serious price increase, which is also lower than the 75 percent rate a year earlier. 57 percent experienced a significant price increase in expenses related to children, while a year ago this was true for 64 percent. 54 percent of housing costs and 48 percent of transportation costs reported a more substantial increase in prices, compared to 66 and 67 percent in the third quarter of 2023, respectively.

However, the results are not so favorable in several categories examined. In the case of clothing, 58 percent experienced an outstanding price increase, which is the same as the data from previous quarters. 55 percent now saw an increase in the cost of services, which essentially means stagnation, i.e. a difference within the margin of error compared to last year’s level of 57 percent.