Hungary’s inflation rate soars to 15.6 pc in August


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


Previous articleGovt allocates over Rs 207.917m for construction of MATRC
Next articleSialkot business community presents cheque to PM