Hungary Inflation Climbs To 5.5%, Highest In 13 Months

(RTTNews) - Hungary's consumer price inflation increased more-than-expected in January to the highest level in just over a year, the Hungarian Central Statistical Office said on Tuesday.

Consumer prices rose 5.5 percent year-on-year in January, faster than the 4.6 percent increase in November. Economists had expected inflation to rise to 4.8 percent.

A similar inflation rate was last seen in December 2023. Further, the inflation rate continued to remain well above the central bank's target of 3.0 percent.

Core inflation also accelerated to a 1-year high of 5.8 percent from 4.7 percent a month ago.

The annual price growth in food products accelerated to 6.0 percent from 5.4 percent, and costs for services grew sharply by 8.5 versus a 6.8 percent surge a month ago.

Data showed that utility costs rebounded 0.2 percent after a 0.5 percent drop seen in December.

On a monthly comparison, consumer prices increased 1.5 percent, faster than the previous month's 0.5 percent stable rise.