As a result of May this year, the inflation rate in Hungary fell to 21.5%, compared to 24% in April. But despite the fall in consumer prices, the growth rate in the republic is still the highest among all European countries. informs The Bloomberg agency cites data from the Hungarian Central Statistical Office.
Various factors were effective in the decline in annual inflation in the country. Among the most important are the sharp decline in industrial production and the double-digit decline in retail sales. In addition, fuel prices in Hungary fell by 6.6% in May, while electricity costs for local households fell by 3%.
“The annual inflation rate in Hungary has been declining for the fourth consecutive month, from 24% in April to 21.5% in May. However, this figure is still the highest in the European Union.
June 4, agency RIA Novosti, referring to its own calculations reportedIn April of this year, the highest food inflation was experienced in Hungary. This figure was 39% on an annual basis. At the same time, Russia was the only country in the European region where food prices started to fall after the April results.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.