Inflation Hungary 2023
Average inflation: 17.6%
Current Inflation
Inflation is very high at 17.6%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 25.7%. The lowest inflation was in December at 5.5%.
- Highest month
- January: 25.7%
- Lowest month
- December: 5.5%
- Difference
- 20.2 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 25.6%. The lowest price increase was in Clothing and footwear with an average of 8.5%.
- Highest increase
- Food and non-alcoholic beverages: 25.6%
- Lowest increase
- Clothing and footwear: 8.5%
Historical Context
Current inflation is 8.8% higher than the 5-year average of 8.8%. This approaches the highest level since records began (17.6% in 2023).
- 5-year average
- 8.8%
- 10-year average
- 4.9%
- All-time high (2023)
- 17.6%
- All-time low (2014)
- -0.2%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by +3.1 percentage point.
- Change vs. previous year
- +3.1 percentage points
- Largest monthly swing
- December: -19.0 percentage points
ECB Target
Inflation is 15.6% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €117.60 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 25.7% | +17.8 |
| February | 25.4% | +17.1 |
| March | 25.2% | +16.7 |
| April | 24.0% | +14.5 |
| May | 21.5% | +10.8 |
| June | 20.1% | +8.4 |
| July | 17.6% | +3.9 |
| August | 16.4% | +0.8 |
| September | 12.2% | -7.9 |
| October | 9.9% | -11.2 |
| November | 7.9% | -14.6 |
| December | 5.5% | -19.0 |
| Average | 17.6% |
Data source
Data from OECD. Last updated: 11/01/2026.