Hungary Inflation Rate Higher than Expected

The annual inflation rate in Hungary eased to 1.8% in May 2026 from a three-month high of 2.1% in the previous month, falling short of market expectations of 2.3%. The slowdown was due largely by softer price increases in food (0.5% vs 1.5% in April), alcoholic beverages, tobacco products (3.3% vs 4.1%), and consumer durables (2.4% vs 2.7%). At the same time, costs for household energy declined by 2% after falling 0.4% in the prior month. On the other hand, inflation accelerated for clothing (1.1% vs 0.8%), other goods, including other items and fuels (0.4% vs 0.1%), and services (4.3% vs 4%). On a monthly basis, consumer prices were unchanged in May, after rising 0.4% in the preceding period. Meanwhile, the annual core inflation rate, which excludes volatile items such as food and energy, slowed to 2% from 2.2% in April, below market forecasts of 2.3%.

The annual inflation rate in Hungary rose to 2.1% in April 2026 from 1.8% in March, marking a three-month high. The acceleration was driven mainly by higher food prices, which rose to 1.5% after stalling in March, and a rebound in other goods, including other items and fuels (0.1% vs -0.7%). In contrast, price growth slowed in several categories, with alcoholic beverages and tobacco easing to 4.1% from 5.5%, clothing to 0.8% from 1.4%, and services edging down slightly to 4.0% from 4.1%, while consumer durables were unchanged at 2.7%. Household energy recorded a sharp swing, falling 0.4% from a 4.3% increase in March. On a monthly basis, consumer prices rose 0.4%, the same pace as in the prior period. Meanwhile, the annual core inflation rate, which excludes volatile items such as food and energy, rose to 2.2% from 1.9% in March, slightly below market expectations of 2.3%.

The annual inflation rate in Hungary rose to 1.8% in March 2026 from a more than nine-year low of 1.4% in the previous month. Main upward pressures came from higher costs of alcoholic beverages and tobacco (5.5% vs 5.8% in February), fuel and power (4.3% vs 4.2%), services (4.1% vs 4.2%), and clothing and footwear (1.4% vs 0.7%). On the other hand, prices continued to decline for other goods, including motor fuels, down 0.7% after a 3.1% drop in February. On a monthly basis, consumer prices rose by 0.4% in March, the sharpest increase since July last year, following a 0.1% gain in the preceding period. Meanwhile, annual core inflation rate, which excludes volatile items such as food and energy, slowed to 1.9% in March, marking the softest rise since September 2018 and down from 2.1% in the prior month.