Hungary Inflation Eases to 4.7% in March

The annual inflation rate in Hungary slowed to 2.1% in January 2026 from 3.3% in the previous month, below market expectations of 2.4%. This marked the lowest level since March 2018, mainly driven by softer price increases for food (1.3% vs 2.6% in December 2025), alcoholic beverages and tobacco products (6.3% vs 7.1%), household energy and heating (6.2% vs 8.9%), and services (5.0% vs 6.8%). Additionally, costs continued to decline for other items and fuels (-3.5% vs -2.4%). On the other hand, inflation rose at a faster pace for consumer durables (2.9% vs 2.7%), while it remained steady for clothing items (at 1.6%). On a monthly basis, consumer prices edged up 0.3% in January, compared with a 0.1% increase in each of the previous two months. Annual core inflation, which excludes volatile items such as food and energy, eased to 2.7% in January from 3.8% in December 2025, marking the softest reading since January 2019.

The annual inflation rate in Hungary slowed to 3.3% in December 2025 from 3.8% in the previous month, matching market expectations. This marked the lowest rate since October last year, mainly driven by softer price increases for food (2.6% vs 3.2% in November), alcoholic beverages and tobacco products (7.1% vs 7.5%), and household energy and heating (8.9% vs 9.8%). Additionally, costs continued to decline for other items and fuels (-2.4% vs -0.8%). On the other hand, inflation increased at a faster pace for clothing items (1.6% vs 1.4%) and services (6.8% vs 6.5%). On a monthly basis, consumer prices rose by 0.1% in December, the same pace as in the previous month. Annual core inflation, which excludes volatile items such as food and energy, eased to 3.8% in December, marking the softest rise since August 2021, from 4.1% in November.

The annual inflation rate in Hungary eased to 3.8% in November 2025 from 4.3% in each of the previous four months, below market expectations of 4%. This marked the lowest rate in a year, amid softer price increases for food (3.2% vs 3.9% in October), electricity, gas and other fuels (9.8% vs 10.7%), services (6.5% vs 6.7%), and clothing and footwear (1.4% vs 1.7%). At the same time, prices of other goods, including motor fuels and lubricants fell 0.8% after a 0.2% rise in the prior month. Conversely, inflation picked up for consumer durables (2.9% vs 2.4%) while remaining unchanged for alcoholic beverages and tobacco (at 7.5%). On a monthly basis, consumer prices edged up 0.1% in November, following three months of zero growth. Annual core inflation, which excludes volatile items such as food and energy, ticked down to 4.1% in November from a four-month high of 4.2% in October, in line with market forecasts.