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HUNGARY: Consumer Prices Rise Less-Than-Expected in May

HUNGARY
  • Hungary’s consumer prices rose 4.0% y/y (Est: +4.2%) in May versus +3.7% in April, according to the Central Statistical Office. Prices fell 0.1% month-on-month (Est: +0.1%) compared to +0.7% in April. Core inflation was 4.0% y/y. Food prices rose 1.0% while household energy prices fell 2.4% (gas prices were 4.7% lower and electricity prices declined 2.9%).
  • Central bank policy makers have previously argued that a temporary rise in inflation in the middle of 2024 can be expected because of retrospective pricing of market services and base effects.
  • With almost all ballots counted in the EP elections, results released by the National Election Office show Prime Minister Orban’s governing Fidesz-KDNP party won eleven mandates, while newcomers Tisza, led by Peter Magyar, took seven (one more than had been projected in a Europe Elects poll published just ahead of the vote).
  • Orban’s Fidesz party had 44% of the vote, down sharply from 52% in the 2019 EU elections. On Saturday, thousands of Hungarians took to the streets in a rally led by Magyar to protest the policies of the prime minister.

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