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Consumer prices up 21.5 percent yr/yr in May

Consumer prices in Hungary rose by an annual 21.5 percent in May, the Central Statistical Office (KSH) said on Thursday.

Headline inflation fell for the fourth month in a row and at a faster pace, dropping from 24.0 percent in April.

Month on month, inflation edged down by 0.4 percent.

Food prices rose by an annual 33.5 percent in May. Household energy prices increased by 37.2 percent. Gas prices rose by 49.1 percent and electricity prices grew by 27.2 percent.

The data show consumer durable prices increased by 8.1 percent. Motor fuel prices, which were capped for households until early December, increased by 17.7 percent.

Core inflation, which excludes volatile fuel and food prices, was 22.8 percent.

Commenting on the data, Economic Development Minister Marton Nagy said that in a sign that “government measures are working”, month-on-month inflation fell in May for the first time since November 2020. Noting that food prices had fallen steeper than others, Nagy said the government continued to protect families, pensioners and jobs, despite the war and “failed sanctions”.

The government is committed to pushing inflation into single digits by year-end, he said.

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