BUDAPEST, Jan. 14 (Xinhua) -- In 2019, the average inflation rate in Hungary was 3.4 percent, higher than the official target of 3.0 percent and up from the average 2.8 percent registered in 2018, the country's Central Statistical Office (KSH) said here on Tuesday.
"Significant price increases were measured over the last 12 months for alcoholic beverages and tobacco, motor fuels as well as food," KSH said.
"Consumer prices increased by 3.4 percent on average, within which food prices by 5.4 percent. The highest price rise of 8.1 percent was recorded for alcoholic beverages and tobacco," it said. "Services prices went up by 3.0 percent, the price of electricity, gas and other fuels and that of clothing and footwear both by 1.0 percent."
Analysts pointed out that fuels and pork meat were the main drivers of inflation.
Peter Virovacz, senior economist at ING Bank, told the Hungarian news agency MTI that "The acceleration of inflation in December last year was in line with both the market consensus and the expectations of the Hungarian central bank. The development is almost entirely attributable to the price of fuel, contributing alone to a 0.6 percentage point rise in the inflation rate. Food prices accelerated, highlighting the 24 percent rise in pork prices."
