The year starts with another brutal increase in food prices

By: Trademagazin Date: 2023. 01. 12. 12:17

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The significant rise in food prices continues, according to Privátbankár’s Árkosár survey, an average family bulk purchase is already around HUF 36,000, i.e. an average family bulk purchase costs 41.3 percent more than a year ago.

By the end of the year, according to the official data and the survey, the increase in prices accelerated to a pace not seen for decades, and there is no brake on the inflation train for now, in fact: according to the vice president of the MNB, we can see new peaks in December and the first months of this year. (KSH will publish the data for December and the entire year 2022 on Friday – as usual, we will publish the current results of the Privátbankár Árkosár survey one day before the data release.)

The significant rise in food prices naturally left a strong mark on consumer habits. Based on the indications of retailers, customers are increasingly turning to the “bottom shelf”, cheaper and lower quality products, and the turnover of own-brand products has also increased dramatically at the expense of more expensive foods. In addition, by the last months of the year, consumption also started to decrease drastically: according to the latest data, in November, turnover in food and food-type mixed stores fell by 6.7 percent compared to the same month of the previous year.

Read the full analysis here.