Hungary's annual inflation hits 2024 high in July

July consumer price index increases 4.1%, almost achieves market prospects

By Sahika Malkoc

ISTANBUL (AA) - Hungary’s annual consumer inflation (CPI) rose 4.1% in July, to the highest level in 2024, according to official data released on Thursday.

From 3.7% in June 2024, the consumer prices fluctuated between 3.6% and 4% until July, realized at 4.1%, almost meeting market expectations of 4.0%.

Services, electricity, gas and other fuels and clothing and footwear, along with food prices, were the main drivers for higher prices of consumer prices, the Hungarian Central Statistical Office said.

Services were 9.1% more expensive in July, electricity, gas and other fuels became 4.5%, clothing and footwear, alcoholic beverages jumped 4.2%, food prices were up 2.7%.

“CPI increased by 0.7% on average in one month, compared to June,” the authority said.

Moreover, fuel increased 3.8% in July, electricity, gas and other fuels were 1.6% cheaper, services were up 1.1%, and food prices jumped 0.6%.

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