Hungary Inflation October 2016

Hungary

Hungary: Inflation edges up in October to a multi-year high

November 8, 2016

In October, consumer prices rose 0.6% from the previous month, which followed September’s 0.2% increase. The increase reflected higher prices for several categories, including clothing and footwear, food, and other goods.

Inflation picked up from 0.6% in September to 1.0% in October, marking the highest reading since September 2013. Despite October’s increase, inflation remains below the Central Bank’s target of 3.0%, with a tolerance margin of plus/minus 1.0%. Annual average inflation in October inched up from September’s 0.2% to 0.3%.

Core consumer prices, which exclude volatile items such as fresh food and fuel, rose 0.5% from the previous month, which contrasted the 0.1% drop observed in September. Meanwhile, core inflation inched up from 1.4% in September to 1.5% in October.

The Central Bank forecasts inflation of 0.4% this year and of 2.3% in 2017. FocusEconomics panelists see inflation averaging 0.4% in 2016, which is unchanged from last month’s projection. For 2017, the panel expects inflation to rise to 1.8%, which is also unchanged from last month’s estimate.


Author: Jean-Philippe Pourcelot, Economist

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Hungary Inflation Chart


Hungary Inflation October 2016

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Hungarian Central Statistics Office.


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