Márton Nagy: inflation has practically collapsed, the government has already reduced it below 4 percent

By: Trademagazin Date: 2024. 02. 09. 11:18

According to the data of the Central Statistical Office (KSH), in January 2024, the government reduced the rate of inflation to less than one-sixth of its peak a year ago, to 3.8 percent. On an annual basis, the price of household energy decreased by 11.3 percent, the price of fuel by 11.9 percent, and the price of durable consumer goods by 1.4 percent – highlighted the Minister of National Economy, Márton Nagy, analyzing the latest data.

In his statement on Friday, he explained that inflation practically collapsed in the course of just one year, so it is no longer a significant problem from the point of view of the economy. Hungarian inflation has now dropped to a more favorable level than in Estonia (5.0 percent), Croatia (4.8 percent), Austria (4.3 percent) or Slovakia (4.3 percent).

According to the Minister of National Economy, this was helped by targeted government measures, such as the online price monitoring system and mandatory campaigns.