NGM: the lives of families are significantly affected by food and health expenses and fuel prices

By: Trademagazin Date: 2024. 04. 23. 12:30

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According to the surveys, the most significant expenses of the population, in addition to food and health expenses, are fuel expenses. This means that in the case of the population, the evolution of the fuel price is one of the most decisive factors that significantly influences the consumption of families – the Ministry of National Economy (NGM) drew attention in its statement on Tuesday.

It can be concluded that, in addition to protecting the utility reduction up to average consumption, the government suppressed food inflation thanks to its targeted and effective measures (for example, online price monitoring, mandatory campaigns). Thanks to this and the significant increase in real wages, food consumption began to recover.

On the other hand, compared to last year’s fuel prices, families are forced to pay more than HUF 60 (HUF 64) more per liter for gasoline and almost HUF 80 (HUF 76) more per liter for diesel. This 11 and 13 percent price increase alone increased inflation by about 0.6-0.7 percentage points on an annual basis. Consumers reacted sensitively to the increase in fuel prices, which caused a decrease in demand. This hinders the recovery of consumption, NGM pointed out.