Hungary experienced a notable rise in consumer price inflation in December, reaching its peak for the year, as reported by the Hungarian Central Statistical Office on Tuesday. Consumer prices surged by 4.6% compared to the same month the previous year, a substantial increase from November's 3.7% hike. This rise outpaced economist projections, which anticipated a rate of 4.4%.
Inflation continues to exceed the Hungarian central bank’s target of 3.0%. Core inflation also saw an upswing, climbing to 4.7% from November's 4.4%.
A breakdown of the data shows accelerated annual growth in food prices, now at 5.4%, up from 4.9%. Service costs also saw a marked increase, although the growth rate slightly decreased to 6.8% from 7.0% the previous month.
Interestingly, utility costs declined by 0.5%, though this drop was less pronounced than the 3.2% decrease observed in the prior month.
On a month-to-month basis, consumer prices maintained a steady growth rate of 0.5%. For 2024, the average annual inflation rate was recorded at 3.7%, significantly influenced by an 8.9% rise in service costs.
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