Rate of inflation for food in Hungary 2015-2023

As of September 2023, food prices had increased by 13.2 percent in Hungary over the same month in the previous year. During the observed period, food inflation rates peaked in December 2022 at nearly 48 percent, while the lowest inflation rate for food products was recorded in July 2016 at negative 0.9 percent.

Accelerating inflation rates

Besides food prices increasing throughout 2022, overall inflation also accelerated in the country. By 2022, inflation rates were over 14 percent, which was the highest annual figure documented in the past decade. In comparison, the lowest inflation rate was recorded in 2014 at negative 1.2 percent. 

Food inflation in CEE

As soaring inflation rates became a common phenomenon over the past years, Hungary wasn’t the only Central Eastern European country experiencing a dramatic food price increase in 2022. In Czechia, food inflation peaked in November 2022 at 26 percent, while it reached over 35 percent in Lithuania at the same time.