ISTANBUL

Hungary’s annual inflation rate spiked to 24.5% in December, the highest level since March 1996, according to official data released on Friday.

Electricity, gas and other fuels, along with food prices, were the main drivers of high inflation, the Hungarian Central Statistical Office said.

Electricity, gas and other fuels were 55.5% more expensive in December, food prices jumped 44.8% on an annual basis, consumer durables 13.6%, alcoholic beverage and tobacco 13.4%, and service charges were up 9.5%.

“Consumer prices increased by 1.9% on average in one month and by 14.5% on average in 2022 compared to the previous year,” the authority said.