Food prices continued to fuel inflation in October. According to statistical data, consumer prices climbed by 21.1% year-on-year in October and by 2% compared to September. Core inflation even climbed to 22.3%.
Food increased in price by 40% on average within a year, including eggs by almost 90%, bread (+81.5%), dairy products and cheese (about +75%), butter (over 70%), pasta and margarine (almost 60%). Household energy increased in price by an average of 64.4% compared to the identical period of the previous year, within which gas increased by 121%, firewood by 57.7%, bottled gas by 51.1% and electricity by 28.6%. For consumer durables, consumers had to pay 14.9% more within a year, such as for new cars by 22.5%, furniture by 19.7%.
In the first 10 months of this year, inflation averaged 12.7%.
The much higher than expected inflation is due to the significant weakening of the forint, the increase in excise taxes on tobacco and alcoholic beverages, the continued price adjustment due to the steep increase in raw material and energy costs in a number of product areas, especially food, and the partial lifting of the price cap on household energy.