K&H: that’s how much Hungarians spent on food

By: Trademagazin Date: 2023. 02. 23. 12:53

Inflation accelerating to a multi-decade peak is clearly visible, including the more than 40 percent increase in food prices for card spending, according to K&H’s summary. In December last year, the bank card customers of the financial institution spent a total of HUF 32.3 billion on food – including in stores selling food – compared to HUF 22.2 billion a year earlier, and they bought food for an average of HUF 5,300 per person, which represents a 4 percent decrease in compared to the basket value of a year earlier.

Inflation in Hungary is still at a very high level. In December, the price index showed an increase of 24.5 percent, in 2022 the average annual price increase thus became 14.5 percent. In addition, further acceleration followed in January, with annual inflation at 25.7 percent in the first month of the year. The main role in the increase in prices is played by food, whose prices in the last month of 2022 were almost 45 percent higher than a year earlier, while last year the goods increased by an average of 26 percent, and January ended with a 44 percent price increase.

The increase in food prices can also be seen in bank card spending, according to K&H’s summary. In December last year, for example, the financial institution’s retail customers bought food and drinks for HUF 32.3 billion in various grocery stores, catering establishments, fast food restaurants and buffets, which is 31 percent more than HUF 22.2 billion a year earlier. In the whole of last year, K&H bank cards spent HUF 302.4 billion on food, compared to HUF 223.1 billion in 2021.