Márton Nagy: the collapse of inflation intensively supports the growth of real wages

By: Trademagazin Date: 2024. 03. 08. 13:05

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Based on the latest data from the Central Statistical Office (KSH), inflation decreased to 3.7 percent in February 2024. The government reduced the rate of price increase to single digits by October, which decreased to 3.8 percent by January. Thus, by the beginning of 2024, Hungarian inflation practically collapsed, falling to less than a sixth, and this decrease continued in February – the Ministry of National Economy (NGM) evaluated the latest data in its announcement.

The price of household energy decreased by 9.0 percent on an annual basis, within which you had to pay 19.3 percent less for piped gas. Durable consumer goods cost an average of 2.0 percent less, the price of used cars also fell by 10.5 percent, and vehicle fuels became cheaper by 2.4 percent. In addition, the price of many food items has decreased compared to January 2024: poultry meat by 1.3 percent, pork by 1.2 percent, eggs by 1.5 percent, and sugar by 3.4 percent less than in the previous month – the KSH data was quoted by the NGM.

Evaluating the data, Minister of National Economy Márton Nagy highlighted in the announcement that the collapse of inflation is due to the fact that the government introduced such targeted and effective measures as the online price monitoring system and mandatory campaigns.