Einar H. Dyvik
Research expert covering Nordics and global data for society, economy, and politics
Inflation in Hungary - statistics & facts
Rapidly increasing consumer prices have become a global phenomenon, and Hungary is no exception. The inflation rate recorded in 2022 surpassed that of all other EU member states and pushed the country into recession.
Over the past decade, Hungary registered negative inflation rates only in 2014 and 2015, owing to the reduction of utility costs. In the years after, consumer prices followed an increasing trend and peaked in 2022 despite the government’s measures aimed at mitigating inflation, including fuel and staple food price caps and reduced energy costs. Hungary’s inflation rate was measured at 14.5 percent in 2022, compared to the EU average of approximately 9.32 percent, which might indicate that the state’s soaring inflation is partially a consequence of domestic economic policies. In addition to the impact of the Russia-Ukraine war on energy prices, the depreciation of the national currency and inefficiencies in the domestic food manufacturing industry have contributed to Hungary recording way higher inflation rates in recent years than the European average.
