Hungarian annual inflation accelerated to 7% in May from 6.6% recorded in April due to significant rise in food prices, the statistical office said Wednesday. Economists had expected annual inflation to increase slightly to 6.7%. The current rate is the highest since January 2008, when the rate of inflation stood at 7.1%. Meanwhile, the seasonally adjusted core inflation was 5.9% in May.
On an annual basis, food prices increased 13.1% and in the utility sector, prices went up 11.3%. Prices of alcoholic beverages and tobacco increased 5.4% and that of services grew 5%.
On a monthly basis, the consumer price index, rose 1.1%, quicker than 0.3% rise seen in April. In the first five months of the year, the average increase of prices was up 6.9% year-on-year.
Meanwhile, the Harmonized Index of Consumer Prices, or HICP, rose 0.9% month-on-month and 6.9% year-on-year.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.