Hungary's budget deficit widened by a further 222 billion forints ($626.65 million) in October, data published by the Finance Ministry on Thursday showed, with the deficit for the first 10 months overshooting the original target.

In September, the government modified its 2023 deficit target for a second time this year, from 3.9% to 5.2% of the GDP, but some analysts still see a chance for further budget slippage unless the government takes additional measures to rein in spending.

The shortfall for the first 10 months totalled 3.487 trillion forints ($9.84 billion), overshooting the original full-year cashflow deficit target.

"We hardly see any major turnaround in the revenue side of the budget, as we expect domestic demand to remain a drag on growth," Peter Virovacz, an analyst at ING said in a recent note.

"Based on our technical assumption, we still see a possibility of some budget slippage this year, despite the recent revision."

Hungary's rampant inflation - the highest in the EU - has slammed the brakes on Hungarians' consumption, cutting consumption-related tax revenues. At the same time, energy subsidies, as well as increased pension spending and debt service costs, have strained the budget.

The government paid out a total of 1.3 trillion forints in the first 10 months of the year in energy subsidies alone. ($1 = 354.4500 forints) (Reporting by Boldizsar Gyori and Krisztina Than; Editing by Alex Richardson)