Hungary Inflation


Inflation moderates in December

In December, consumer prices increased 0.2% over the previous month, which came in well below the 0.7% rise observed in November. The relatively modest monthly increase was mainly the result of moderating food price inflation, which stepped down from 1.2% in November to 0.1% in December. Alcoholic beverages and tobacco, in contrast, recorded the largest increase by adding 1.3% (November: +1.2% month-on-month). Annual inflation moderated from 4.3% in November to 4.1% in December, which was slightly below market expectations of 4.2%. The print came in a notch above the upper limit of the 1.0 percentage point tolerance margin around the Central Bank's 3.0% inflation target. Meanwhile, the seasonally adjusted core inflation index, which excludes volatile items such as food and fuel, increased 0.4% over the previous month, driving annual core inflation to 3.3%. In its latest inflation report from December, the Central Bank expects inflation to end this year at 4.6%, which would again exceed the Central Bank's inflation target, which remains at 3.0%.


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