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The outlook for the Hungarian economy will also be highlighted at the Budapest Economic Forum on October 8.
After the unexpected jump in July, it was no longer a surprise that Hungarian inflation continued to rise in August, according to the CSO methodology, prices were 3.9% higher than a year earlier. With this, the rate practically reached the top of the target band of the MNB (3 plus or minus 1 percent).
Eurostat data at the EU level were also released on Thursday, according to which, as in July, the price increase in Hungary was again the highest on the continent. The harmonized inflation rate (HICP) calculated on the basis of the EU methodology was 4% in Hungary. According to the statistics office, inflation in Central and Eastern Europe is already high, but Hungary still stands out. Behind us on the podium are the Poles and the Czechs.
According to Eurostat, prices in the EU increased by 0.4% year-on-year in August, while in the euro area they fell sharply by 0.2%. It also shows that inflation is currently characterized by a strong duality on the continent:
- On the one hand, the rebound after the economic recession caused by the crisis is slowly recovering demand, which is increasing inflation.
- On the other hand, the still depressed economic outlook has a negative impact in Western Europe, with the world’s major central banks battling too low inflation.
Compared to July, prices in Hungary stagnated on a monthly basis, according to Eurostat data, with Cyprus, Luxembourg and Malta leading the way.
Cover image: Shutterstock
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