Hungary Inflation Eases to 14-Month Low

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.

Hungary’s annual inflation rate held steady at 4.3% in October 2025, matching the previous three months and slightly below the market forecast of 4.4%. Main upward pressures on prices came from alcoholic beverages and tobacco products (7.5% vs 7.1% in September), electricity, gas and other fuels (10.7% vs 10.6%), and services (6.7% vs 5.9%). In contrast, inflation moderated for food (3.9% vs 4.7%), clothing items (1.7% vs 2.4%), consumer durables (2.4% vs 2.5%), and other goods, including motor fuels (0.2% vs 0.6%). On a monthly basis, consumer prices remained unchanged for the third consecutive month. Annual core inflation, which excludes volatile items such as food and energy, rose to 4.2% in October from 3.9% in the prior period, exceeding forecasts of 4.1% and marking its highest in four months.