Hungary's inflation rate highest in EU in November

December 16. 2022. – 02:59 PM



Copied to clipboard

The inflation rate in the European Union improved slightly in November to 11.1%, compared to a record high of 11.5% in October. In the euro area, the rate was a bit lower at 10.1%, according to Eurostat's November report.

In November, inflation was highest in Hungary, at 23.1 percent year-on-year.

The next highest inflation rates were recorded in Latvia (21.7%), Estonia and Lithuania (both 21.4%). The lowest annual rates were recorded in Spain (6.7%), France (7.1%) and Malta (7.2%).

The harmonised index of consumer prices (HICP) is a price index calculated by Eurostat from consumption data provided by the national statistical offices. This harmonised index number ensures comparability of inflation indicators between EU Member States. The HICP covers goods and services that constitute the final consumption expenditure of households in the European Union.

The biggest contributors to the annual inflation rate in the euro area in November were energy (3.82 percentage points), followed by food, alcohol and tobacco (2.84 percentage points), services (1.76 percentage points) and non-energy industrial goods (1.63 percentage points).

For more quick, accurate and impartial news from and about Hungary, subscribe to the Telex English newsletter!