The average annual inflation in the countries of the European Union was 4.4% in October, and within that the average price increase in the countries of the Eurozone was 4.1%. A month earlier, the EU average was 3.4%, up from 0.3% a year earlier, according to data released by Eurostat today.
Malta had the lowest annual inflation in October (1.4%), followed by Portugal (1.8%) and Finland and Greece (2.8%). Inflation was highest in Lithuania (8.2%), followed by Estonia (6.8%) and then Hungary (6.6%).
The G7 writes that although Hungarian household consumers do not directly perceive an increase in energy prices due to the government’s utility reduction scheme, industrial consumers are not protected by this, and so soaring costs are reflected in consumer prices.
According to the latest data from the Central Statistical Office, prices rose in Hungary by 6.5% in October. Since then, the government has capped the price of regular fuel per liter at 480 Ft. (US $1.50).