As of July 2024, food prices had increased by 0.7 percent in Hungary over the same month in the previous year. During the observed period, food inflation rates peaked in December 2022 at nearly 48 percent, while the lowest inflation rate for food products was recorded in July 2016 at negative 0.9 percent.
Accelerating inflation rates
Besides food prices increasing throughout 2022, overall inflation also accelerated in the country. By 2023, inflation rates were over 17 percent, which was the highest annual figure documented in the past decade. In comparison, the lowest inflation rate was recorded in 2014 at negative 1.2 percent.
Food inflation in CEE
As soaring inflation rates became a common phenomenon over the past years, Hungary wasn’t the only Central Eastern European country experiencing a dramatic food price increase in 2022. In Czechia, food inflation peaked in November 2022 at 26 percent, while it reached over 35 percent in Lithuania at the same time.
Inflation rate for food in Hungary from May 2015 to July 2024
Characteristic
Inflation rate
Jul '24
0.7%
Jun '24
-1.3%
May '24
-1.5%
Apr '24
-1.6%
Mar '24
-2.1%
Feb '24
-0.6%
Jan '24
1%
Dec '23
2.3%
Nov '23
4.6%
Oct '23
7.9%
Sep '23
13.2%
Aug '23
17.9%
Jul '23
22%
Jun '23
29.3%
May '23
34%
Apr '23
39%
Mar '23
44.8%
Feb '23
45.8%
Jan '23
46.9%
Dec '22
47.8%
Nov '22
47.1%
Oct '22
43%
Sep '22
37.6%
Aug '22
33.1%
Jul '22
28.8%
Jun '22
23.1%
May '22
19.4%
Apr '22
16.2%
Mar '22
13.4%
Feb '22
11.4%
Jan '22
10.1%
Dec '21
7.8%
Nov '21
5.5%
Oct '21
4.7%
Sep '21
3.8%
Aug '21
3%
Jul '21
2.4%
Jun '21
2.4%
May '21
1.8%
Apr '21
1.7%
Mar '21
2.1%
Feb '21
2.8%
Jan '21
3.4%
Dec '20
4.4%
Nov '20
6%
Oct '20
6.4%
Sep '20
7.3%
Aug '20
7.9%
Jul '20
7.9%
Jun '20
8%
May '20
8.7%
Apr '20
8.9%
Mar '20
7.7%
Feb '20
7%
Jan '20
6.9%
Dec '19
5.7%
Nov '19
5.2%
Oct '19
5%
Sep '19
4.8%
Aug '19
5.3%
Jul '19
5.8%
Jun '19
5.6%
May '19
5.1%
Apr '19
5%
Mar '19
5.2%
Feb '19
5%
Jan '19
3.8%
Dec '18
4.5%
Nov '18
4.2%
Oct '18
4.5%
Sep '18
4.6%
Aug '18
3.9%
Jul '18
3.3%
Jun '18
3.1%
May '18
3.8%
Apr '18
4.1%
Mar '18
4.1%
Feb '18
3.8%
Jan '18
4.5%
Dec '17
3.4%
Nov '17
3.4%
Oct '17
3.2%
Sep '17
3%
Aug '17
3.2%
Jul '17
3.3%
Jun '17
3.1%
May '17
2.5%
Apr '17
1.9%
Mar '17
2%
Feb '17
1.7%
Jan '17
1.1%
Dec '16
1%
Nov '16
0.4%
Oct '16
0%
Sep '16
0.5%
Aug '16
0.3%
Jul '16
-0.2%
Jun '16
-0.9%
May '16
-0.4%
Apr '16
0.6%
Mar '16
0.7%
Feb '16
1.3%
Jan '16
1.4%
Dec '15
2.2%
Nov '15
2%
Oct '15
1.7%
Sep '15
0.8%
Aug '15
0.9%
Jul '15
0.9%
Jun '15
1.4%
May '15
1.2%
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Trading Economics. (August 22, 2024). Inflation rate for food in Hungary from May 2015 to July 2024 [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/537444/inflation-rate-food-in-hungary/
Trading Economics. "Inflation rate for food in Hungary from May 2015 to July 2024." Chart. August 22, 2024. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/537444/inflation-rate-food-in-hungary/
Trading Economics. (2024). Inflation rate for food in Hungary from May 2015 to July 2024. Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/537444/inflation-rate-food-in-hungary/
Trading Economics. "Inflation Rate for Food in Hungary from May 2015 to July 2024." Statista, Statista Inc., 22 Aug 2024, https://www.statista.com/statistics/537444/inflation-rate-food-in-hungary/
Trading Economics, Inflation rate for food in Hungary from May 2015 to July 2024 Statista, https://www.statista.com/statistics/537444/inflation-rate-food-in-hungary/ (last visited November 22, 2024)
Inflation rate for food in Hungary from May 2015 to July 2024 [Graph], Trading Economics, August 22, 2024. [Online]. Available: https://www.statista.com/statistics/537444/inflation-rate-food-in-hungary/