Pensioners can buy more things with their money in the store than in 2016

By: Trademagazin Date: 2024. 05. 14. 11:15

According to KSH data, the average amount of the old-age pension rose to HUF 231,495 in March 2024. From this amount, the Pénzcentrum calculated how many pieces or kilograms of various foods an average Hungarian pensioner could buy at April prices. The results are mixed: while we saw a positive change in the prices of buns, eggs, milk, Paris, apples, and granulated sugar, the prices of potatoes, flour, pork legs, and chicken rose, which reduced the amount that could be purchased.

In April 2024, after more than a year, inflation accelerated again in Hungary, the consumer price index rose from 3.6 percent in March to 3.7 percent, the Central Statistical Office (KSH) reported. In particular, the food price index showed a significant increase: it rose from 0.7 percent in March to 1 percent in April. These data are particularly important in light of the fact that we can see to what extent the purchasing power of pensioners changes as a result of inflation and price increases. After the monetary deterioration has stopped, the repeated acceleration of inflation indicates ongoing economic challenges, which may particularly affect the retired segment of the population.

Looking at the various segments of the population, the consumer price index for low-income households and households with three or more children still decreased in April, while the price index for middle-income and retired households increased, and the price index stagnated for high-income households:

pensioners: 3.6% → 3.7%,
low-income households: 3.0% → 2.9%,
middle-income households: 3.3% → 3.4%,
households with three or more children: 3.3% →3.2%,
high-income households: 4.4% → 4.4%.

Comparing the data with the reference year 2016 revealed that most products can be purchased with the current average old-age pension more than in 2016, with the exception of buns, of which less. From the point of view of the consumer, this significant difference is advantageous for certain products, while it is disadvantageous for others.