Hungary Inflation Rate at 4% in May 2024

Gradual Decline from January Peak

Hungary's inflation rate has increased to 4% in May 2024 from 3.7% in April, according to data from the International Monetary Fund (IMF). The inflation rate has gradually slowed down month by month after reaching a peak of 25.7% in January 2024.

Current Situation:

The current inflation rate of 4% is higher than the long-term average of 6.28% in Hungary. Consumer prices have increased by an annual average of 1.76% since January 2024.

Monetary Policy Impact:

The Magyar Nemzeti Bank (MNB), Hungary's central bank, aims to promote public understanding of its monetary policy through the Inflation Report. The report provides insights into past and expected inflation trends.

Comparison with Previous Months:

In comparison to the previous month, the inflation rate has increased by 0.3%. Compared to the same period last year, the inflation rate has increased significantly from 2.19% in May 2023.

Conclusion:

While the inflation rate remains elevated, it has shown a trend of gradual decline from its peak in January 2024. The Magyar Nemzeti Bank is closely monitoring the situation and implementing appropriate monetary policies to bring inflation within its target range.