Hungary Inflation Surges To 24.5%

(RTTNews) - Hungary's consumer price inflation accelerated in December, mainly driven by higher prices for electricity, gas and other fuels, and food, data from the Hungarian Central Statistical Office showed on Friday.

The consumer price index, or CPI, increased 24.5 percent year-on-year in December after a 22.5 percent climb in November. Economists had expected a 26.0 percent rise.

Food prices grew 44.8 percent annually in December and prices of electricity, gas, and other fuels advanced 55.5 percent.

Prices for consumer durables and alcoholic beverages and tobacco climbed by 13.6 percent and 13.4 percent, respectively. Service charges gained 9.5 percent.

On a monthly basis, consumer prices gained 1.9 percent in December, following a 1.8 percent rise in the prior month.

The core CPI rose 24.8 percent yearly in December and grew 1.6 percent from a month ago.

The annual average inflation was 14.5 percent in 2022, with the food prices contributing the most, up 26.0 percent.

In 2022, the core inflation was 15.7 percent.