Márton Nagy: the collapse of inflation intensively supports the growth of real wages
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.
Related news
The unexpectedly low inflation in June surprised analysts
The Hungarian inflation data published this week caused a pleasant…
Read more >Food prices rose at an accelerating rate in Germany
Inflation in Germany slowed down in June, according to the…
Read more >Food prices rose by 1.1 percent in Romania
Annual inflation in Romania fell to 4.9 percent in June,…
Read more >Related news
A Hungarian specialist became Danone’s Eastern and Central European sales manager
From this July, Enikő Bolyós organizes and manages the company’s…
Read more >Recent research: almost half of Hungarians do not use sun protection cream, and moreover, they do not avoid the sun in the midday hours either
According to a recent, representative research, only 8 percent of…
Read more >The GVH fined Booking almost HUF 400 million with a record fine
Booking did not fully fulfill its obligations requiring the termination…
Read more >