NGM: in accordance with market expectations, inflation remains at a low level

By: Trademagazin Date: 2024. 08. 08. 12:45

Based on the latest data from the Central Statistical Office, the rate of inflation reached 4.1 percent on an annual basis in July 2024, which is favorable in line with market expectations and remains at a low level as in previous months, the Ministry of Economic Affairs (NGM) told MTI on Thursday.

They wrote that overall consumer prices increased slightly, by 0.7 percent compared to the previous month, while food prices rose by only 0.6 percentage points. A decrease can be observed in terms of the price of household energy, which decreased by 4.5 percent year-on-year.

According to the announcement, the Minister of National Economy, Márton Nagy, evaluated the data and emphasized that the government’s economic policy measures proved to be effective and efficient, and that the targeted interventions successfully broke down and suppressed inflation.

The operation of the online price monitoring system generates lively retail competition and supports keeping inflation at a permanently low level. This system not only increases price transparency, but also contributes to
to the informed decisions of consumers, which in the long term strengthens the stability of the retail market and maintains economic growth – they added.