Consumer prices increase by 4.1% on average compared to same month of previous year
Consumer prices were 4.1% higher on average in July 2024 than a year earlier. Compared to June, prices were up by 0.7% on average, motor fuels becoming 3.8% more expensive.
In 12 months, compared to July 2023:
A price increase of 2.7% was recorded for food, within which 46.3% for sugar, 12.4% for flour, 10.7% for pork, 10.0% for chocolate and cocoa, 8.0% for meals at restaurants, 7.1% for fruit and vegetable juices, 6.5% for edible oil, 5.5% for non-alcoholic beverages and 4.8% for milk. Within the product group, egg prices decreased by 14.7%, that of milk products by 8.0%, pasta product prices by 7.6%, and the price of bread by 4.6%. Services became 9.1% more expensive, within which rents were up by 11.7% and personal care services became 10.3%, motorway use, renting a motor vehicle and parking 10.1%, the repair and maintenance of vehicles 10.0%, the repair and maintenance of dwellings 9.0%, other public entertainment tickets 8.3% and recreational services 5.6% more expensive. Clothing and footwear as well as alcoholic beverages and tobacco both became 4.2% higher, within which the price of tobacco by 4.3%. Electricity, gas and other fuels became 4.5%, within which natural and manufactured gas 9.3% and electricity 2.1% cheaper. Consumers paid 0.5% less for consumer durables, within which the price of second-hand passenger cars was cut by 7.4% and that of new passenger cars increased by 6.3%, living and dining room furniture prices by 1.9%, the price of kitchen and other furniture by 1.7% and that of heating and cooking appliances by 1.3%. The price of pharmaceutical products went up by 6.5% and that of motor fuels became 6.0% more expensive.
In one month, compared to June 2024:
Consumer prices were 0.7% higher. Food prices increased by 0.6% on average, within which flour cost 38.1%, sugar 13.9%, edible oil 9.0%. milk 6.8%, egg 4.3%, poultry meat 3.0%, pork 2.5% more for costumers. Prices of seasonal food items (potatoes, fresh vegetables and fresh domestic and tropical fruits in total) decreased by 5.0%, food prices excluding this group went up by 1.2% on average. Services went up by 1.1%, within which prices of recreational services grew by 12.3%, postal services by 5.0%. Consumers paid 0.8% less for electricity, gas and other fuels, within which 1.6% less for natural and manufactured gas (Press release). Motor fuel prices increased by 3.8%.
Consumer price indices, July 2024
(%)
| Denomination | Previous month = 100.0 | Corresponding month of previous year = 100.0 |
|---|---|---|
| Consumer price index | 100.7 | 104.1 |
| Harmonised index of consumer prices | 100.8 | 104.1 |
| Core inflation (original, seasonally unadjusted)a) | 100.7 | 104.7 |
| Consumer price index for pensioners | 100.6 | 104.1 |
a) The Hungarian Central Statistical Office applies a new methodology for the computation of core inflation from April 2021, the indicator no more including changes in the price of alcoholic beverages and tobacco. The time series were revised back to January 1995. The seasonally adjusted index is available in Table 1.2.1.7 of Summary tables (Stadat).