NGM: the government fulfilled its commitment, inflation decreased to 3.7 percent in 2024, which will decrease even further in 2025, to 3.2 percent

By: Trademagazin Date: 2025. 01. 15. 13:21

The government fulfilled its commitment, bringing down inflation, which had increased due to the war and the energy crisis, in 2023 and keeping it at a low level in 2024. As a result of the government’s measures, inflation decreased to 3.7 percent in 2024 and will decrease even further to 3.2 percent in 2025, the Ministry of National Economy (NGM) said in its commentary on the latest statistical report on Tuesday.

The government continues to work to ensure that the economy performs better, so that families can manage with more and more money. The persistently low inflation is beneficial for both Hungarian families and businesses, the statement stressed.

Real wages have been growing for more than a year, while the expansion of retail sales and the record performance of domestic tourism show that public confidence is starting to return

– they wrote.

In line with preliminary government signals and market expectations, the inflation rate showed a slight increase at the end of last year, which resulted from temporary and base effects, the NGM noted.

They cited data from the Central Statistical Office, according to which inflation in December 2024 reached 4.6 percent compared to the previous year, while it reached 0.5 percent compared to the previous month. In 2024, prices increased by an average of 3.7 percent compared to the previous year.

Last year, food prices increased by 2.8 percent, while household energy costs fell by 4.6 percent and durable consumer goods by 0.9 percent.

They announced that in 2025, the government will reduce inflation to a level of 3.2 percent, which is even lower than the 3.7 percent annual level seen in 2024.