Hungary sees food price inflation turn negative

The Hungarian National Bank (MNB) reported in its June 2026 inflation bulletin that monthly food price inflation fell to –2.4% in May, reversing a 5‑7% increase earlier last year. Prices for meat, dairy and other animal products dropped sharply – butter was 11.1% lower, pork 10.1% lower and milk 6.3% lower than a year ago.

The decline is attributed to falling producer prices, a surplus of livestock products in the EU and shifting global trade dynamics, notably China’s move toward greater self‑sufficiency and reduced imports from Europe. Lower wholesale prices have passed through to consumers, marking the first year‑on‑year drop in Hungarian food prices since the start of 2025.