Food inflation has never been as high as it is now

By: Trademagazin Date: 2023. 01. 13. 12:04

In Hungary, food prices rose at such a rate that we were included in the World Bank’s top 10 list. Our food real index is the fifth highest. Behind countries such as Iran, Lebanon, Zimbabwe or even Rwanda – ATV’s weekly diary also mentions the G7.

For three years, G7 has been collecting and compiling the prices of 42 basic food items at the end of each month. Based on this, their consumer basket was 16-17 thousand forints a year ago, but now you have to pay 25-29 thousand forints for the same products. They measured the annual inflation for food at well over 50 percent. For example, the cheapest half-brown bread is HUF 600, a year ago the same bread was HUF 300. The annual bread inflation is therefore 100 percent according to the G7 survey.

With this food price inflation, it can be said that there has never, really never been such high food inflation in Hungary as it is now. We even broke the peaks created during the Bokros package. Experts say that the last time it was possible to experience higher inflation than this during the hyperinflation that erupted at the end of the Pengezo era. Or when the price of meat was raised by 30 percent in 1976, and then the age of 3.60 bread came to an end.