May inflation in Hungary at 21.5 percent

Consumer prices in Hungary were on average 21.5 percent higher in May than a year earlier. Over the past year, household energy and food prices have risen the most, the Hungarian Central Statistical Office (KSH) said on Thursday.

While year-on-year inflation has slowed, it is also important to note that the base was already set by a high inflation rate of 10.7 percent last May. That is, in a two-year comparison, the rate of inflation has barely changed: prices were 35.8 percent higher in April than two years earlier, and 34.5 percent higher in May.

However, after a year of high and extremely high inflation, it is encouraging that

consumer prices have fallen by an average of 0.4 percent in a month,

although food prices still increased, but only by an average of 0.1 per cent. The decline was caused by a 3 percent fall in energy prices.

Year-on-year, Hungarian food prices rose by 33.5 percent, with the biggest increases having been recorded for confectionery products (59.6%), bread (52.7%), dairy products (51.3%), butter and butter spreads (46.8%), eggs (46.1%), pasta (37.4%), bakery products (36.6%), milk (34.9%) and cheese (33.7%), the KSH said. In these product groups, the price of flour (7.2%) and oil (3.5%) increased the least.

Household energy rose by 37.2 percent, piped gas by 49.1 percent, bottled gas by 47.2 percent and electricity by 27.2 percent.