Now it was not food prices, but the farewell of the fuel price cap that pushed inflation

By: Trademagazin Date: 2023. 01. 10. 12:09

“In December, exceptionally, it was not food prices but the introduction of the petrol price cap that pushed inflation in Hungary, which unfortunately set another historical record. But at least we don’t have to wait long for the turnaround, according to all signs, we are at the end of the tunnel” – reads the consensus of Világgazdaság analysts position.

Inflation may have accelerated further in December, after the effect of the cancellation of the fuel price cap appeared as a new element in the consumer price index in addition to the almost usual increase in food prices, which alone could have thrown the monthly pace of price increases by about 2 percentage points – the experts interviewed by our newspaper unanimously pointed out Prior to Friday morning’s data release by the Statistical Office (KSH).

According to the consensus of Világgazdaság analysts, consumer prices in December rose by 25.7 percent compared to the same period of the previous year, and by 3 percent on a monthly basis. All of this also means that you have to scroll further back in Hungarian economic history to find inflation of this magnitude: precisely in March 1996, that is, almost 27 years ago, the CSO measured price increases at this rate in our country.