Price increase at cooking oil, rice and milk

In August 2008 consumer prices decreased by 0.3% compared to the previous month and rose by 6.5% compared to August 2007. In the first eight months of 2008 the average increase of prices was 6.8% compared to the corresponding period of year 2007.

 In August 2008 compared to the previous
month food prices decreased by 1.5% because of the 18.6% price
decrease of seasonal food items (potatoes, fresh vegetables and
fruits) and 0.5% price increase of other food items. Price increase
was measured in case of rice, other cereals (5.1%), other meat
preparations (2.3%) as well as milk (1.2%). On the other hand price
decrease was measured in case of sugar (1.1%). The price rise of
electricity, gas and other fuels was the highest (3.9%) while
consumers paid 11.6% more for piped gas. In case of alcoholic
beverages, tobacco prices increased by 0.3%, and services by 0.5%,
comprising a 3.5% price rise of recreational services. Prices of
clothing and footwear decreased by 3.7% due to the summer sale. Price
decrease was measured in case of other goods (1.5%) comprising a 4.5%
price decrease of motor fuels. Consumers paid 0.2% less for consumer
durable goods.

In August 2008 compared to August 2007
food prices rose by 10.6%, a higher-than-average rate. In this category a substantial price
increase was observed in case of edible oil (76.6%), flour (35.4%),
rice, other cereals (33.3%), pasta products (24.0%), milk (19.1%),
cheese (18.9%), bread (16.7%), as well as pork (13.6%). In case of
electricity, gas and other fuels prices increased by 16.2%, at a rate
higher than the average, while piped gas rose by 31.3%. The price
rise of alcoholic beverages, tobacco (6.2%) was in line with the
average. The price rise of services (4.7%) and other goods (5.4%) was
lower than the average comprising a 12.3% price rise of motor fuels
and a 2.6% of pharmaceutical products. In case of consumer durable
goods as well as clothing and footwear prices decreased by 1.4% and
0.6% compared to August 2007.

In the 27 member states of EU according
to the harmonized data the annual inflation was 4.4% in July 2008
compared to July 2007. The lowest annual rates were observed in the
Netherlands (3.0%) as well as Portugal (3.1%), and the highest in
Latvia (16.5%) and Bulgaria (14.4%). The price rise in Hungary was
7.0% which is higher than the average of EU.