Food price increase to slow down significantly this year

By: Trademagazin editor Date: 2024. 05. 14. 12:00

Erste told at a press conference in April that food prices will continue to rise in Hungary in 2024, but after the significant increase in the past two years, the price hike will return to a consolidated single-digit level.

This article is available for reading in Trade magazin 2024/5

Agricultural production prices may grow by 2-4% percent on an annual basis, while domestic food prices can increase by 3-5% percent, and food prices in retail are expected to grow by 3-4% on average compared to a year earlier, informed Zoltán Fórián, chief agricultural expert at Erste Agricultural Centre. Retail volume sales will start to climb again in 2024, but shoppers still can’t afford everything they used to, which is why cheaper private label products and customer loyalty schemes are undergoing a renaissance. Global food prices will also continue to rise this year. János Nagy added that unlike in the previous two years, food price developments could pull inflation down rather than up in 2024, with Erste forecasting 4.7% percent for this year. //