BUDAPEST, Jan. 14 (Xinhua) -- Hungary's annual average inflation rate dropped to 3.7 percent in 2024, down from 17.6 percent in 2023, according to data published by the Central Statistical Office (KSH) on Tuesday.
The government achieved its goal by curbing inflation in 2024, the Ministry for National Economy commented on the data in a statement, expecting that effective measures will further bring down inflation to 3.2 percent in 2025.
The highest price increases over the last 12 months were recorded in services, which rose by 8.9 percent, according to KSH. Food prices increased by 2.8 percent, alcoholic beverages and tobacco by 4.4 percent, clothing and footwear by 4.2 percent, and other goods, including motor fuels and lubricants, by 1.7 percent.
On the other hand, prices for electricity, gas, and other fuels fell by 4.6 percent.
Consumer prices in December were 4.6 percent higher on average than in the previous year, slightly exceeding analysts' expectations of around 4.4 percent. Meanwhile, prices increased by an average of 0.5 percent in December compared to November.
Local business portal Portfolio observed that the data indicated growing inflationary pressure on the economy. "This is also reflected in the rise of core inflation, which is designed to capture more persistent price movements. The indicator rose from 4.4 percent in November to 4.7 percent," it noted. ■
