Hungary’s inflation rate soars to 15.6 pc in August

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Driven mostly by soaring food prices, Hungary’s annual inflation rate climbed from 13.7 percent in July to 15.6 percent in August, a level not seen since May 1998, the country’s Central Statistical Office (KSH) said here.

The figure was well over the official target of 3 percent set by the National Bank of Hungary (MNB) and was in line with analyst expectations. The highest year-on-year price hikes were registered for food and consumer durables, KSH said, adding that consumer prices increased by an average of 1.8 percent within a month.

Despite the price caps on six basic food items set by the government in mid-January, food prices soared by 30.9 percent year-on-year in August.

Last November, the government also capped fuel prices. This measure will stay in force until Oct. 1 this year. However, the government has recently restricted car owners’ eligibility for subsidized fuel in an attempt to ward off shortages. .— XINHUA

 

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