Inflation in Hungary After the Second World War

Marton, Ádám (2012) Inflation in Hungary After the Second World War. Hungarian Statistical Review, 90 (SN15). pp. 3-22. ISSN 0039-0690

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Abstract

The currently used Hungarian currency (Forint) was introduced after the war in 1946. The paper presents the long-term developments of post-war inflation in Hungary. After the first hectic years, the market economy was replaced by the centralized „socialist” economy: the prices, parallel to a wage reform, were stabilized by 1952. The consumer market was also settled somehow at a very low level. Until 1968, due to strict central planning, consumer prices remained practically unchanged. After that the economic policy changed, the strict price control relaxed and the CPI slowly started to increase. The average price level in 1989 was 17 percent higher than in 1952. After 1990 the transition from the command to the market economy resulted in high inflation and a temporary decrease of the GDP, the real wages and the consumption.

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