Hungary’s Inflation Rate Declines to 16.4%, Reaches its Lowest Point in 12 Months

The inflation rate in Hungary has fallen to 16.4%, marking its lowest level in the past year. This decline comes amidst the ongoing effects of the COVID-19 pandemic on the country’s economy. The drop in inflation can be attributed to reduced consumption due to lockdown measures and lower energy prices. The Hungarian government has implemented various economic measures to counteract the negative impacts of the pandemic, including tax cuts and wage subsidies. The decline in inflation is seen as a positive development for the country’s economy, as it signifies a stabilization in prices and potential for recovery..

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Hungary’s inflation rate dropped to the lowest level in a year as an prolonged recession limited the room to raise prices.

Consumer prices rose an annual 16.4% in August, the statistics office said on Friday, the lowest level since August of 2022. The data slightly exceeded the 16.3% median estimate in a Bloomberg survey and compares with a 17.6% inflation rate in July. Prices rose 0.7% from the previous month.

Hungary’s inflation rate has reached its lowest level in a year due to the prolonged recession stifling price hikes. Consumer prices increased by 16.4% annually in August, the lowest level since August 2022. This figure slightly exceeded the median estimate of 16.3% in a Bloomberg survey and represents a decrease from the 17.6% inflation rate recorded in July. Additionally, prices rose by 0.7% compared to the previous month.

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