Márton Nagy: the government has halved food inflation compared to its peak

By: Trademagazin Date: 2023. 08. 08. 12:07

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According to the latest data from the Central Statistical Office (KSH), the government is increasingly reducing inflation, and in July 2023 the rate of inflation has already dropped to 17.6 percent. Compared to the previous month, June, this represents another 2.5 percentage point decrease, while compared to the peak in January, the rate of sanctioned inflation is already lower by more than a third – Márton Nagy, Minister of Economic Development, pointed out in his announcement on Tuesday.

An important element of the decrease in inflation is that food prices fell by 0.9 percent compared to the previous month, and overall (on an annual basis) the government has practically halved food inflation compared to its peak, he wrote.

Márton Nagy noted that “this is already a period of dynamic inflation reduction, the targeted government measures, i.e. the mandatory campaigns and the online price monitoring system, are working extremely efficiently and successfully, because they have started a deadly competition in the food trade market, and this is pushing the prices lower and lower prices”.