Financial News: Hungary Inflation Climbs To 1-Year High

Hungary Inflation Climbs To 1-Year High

01/14/2025 - 05:44:00 (RTTNews)

(RTTNews) - Hungary's consumer price inflation increased further in December to the highest level in a year, the Hungarian Central Statistical Office said on Tuesday.

Consumer prices climbed 4.6 percent year-on-year in December, faster than the 3.7 percent rise in November. Economists had expected inflation to rise to 4.4 percent.

Further, the inflation rate remained well above the central bank's target of 3.0 percent.

Core inflation also accelerated to 4.7 percent from 4.4 percent a month ago.

The annual price growth in food products accelerated to 5.4 percent from 4.9 percent, and costs for services grew sharply, though at a slightly slower pace of 6.8 percent versus a 7.0 percent surge a month ago.

Data showed that utility costs were 0.5 percent cheaper, albeit the rate of decline eased from 3.2 percent seen in the prior month.

On a monthly comparison, consumer prices increased at a steady rate of 0.5 percent.

The average annual inflation rate for the year 2024 was 3.7 percent, largely driven by an 8.9 percent spike in costs for services

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