Inflation in Hungary
Hungary - Inflation
Inflation comes in at highest level since September 2012 in October
Consumer prices increased 1.10% in October over the previous month, picking up from the 0.20% increase recorded in September. October's figure was the sharpest increase in prices since July 2020. The sharpest price increases were recorded for food, clothing and footwear and consumer durables.
Inflation came in at 6.5% in October, up from September’s 5.5%. October's reading represented the highest inflation rate since September 2012. Meanwhile, the trend pointed up, with annual average inflation coming in at 4.3% in October (September: 4.0%). Lastly, core inflation rose to 4.7% in October, from the previous month's 4.0%.
Commenting on the release, Peter Virovacz, Hungary senior economist at ING, stated:
“The fact that core inflation has now approached 5% suggests that temporary effects are transforming quickly into second-round effects. Based on all this, it is more and more likely that a stronger pace of interest rate increases may be necessary to tackle inflation issues over the monetary policy horizon - a possibility which has already been mentioned by the central bank's vice governor.”
FocusEconomics panelists see inflation averaging 3.8% in 2022, which is up 0.2 percentage points from last month’s projection. For 2023, the panel sees inflation averaging 2.8%.
Hungary - Inflation Data
|Inflation Rate (CPI, annual variation in %)||-0.1||0.4||2.4||2.8||3.4|
5 years of economic forecasts for more than 30 economic indicators.
Hungary Inflation Chart
Source: Hungarian Central Statistical Office (KSH).
|Bond Yield||2.08||0.0 %||Dec 31|
|Exchange Rate||295.1||-0.68 %||Jan 01|
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November 22, 2021
The GKI economic sentiment index, a composite indicator, dropped to plus 0.2 in November from plus 2.5 in October, which had marked the best result since November 2019.
November 17, 2021
According to a preliminary reading, economic activity continued to recover in the third quarter, albeit at a slower rate.
November 17, 2021
At its 16 November meeting, the Monetary Council of the Hungarian National Bank decided to raise its base rate to 2.10% from 1.80%, marking the sixth consecutive increase.
November 12, 2021
According to a second estimate by the Statistical Institute, industrial output declined 1.7% compared to the same month a year earlier in September, which contrasted August's 0.5% increase.
November 10, 2021
Consumer prices increased 1.10% in October over the previous month, picking up from the 0.20% increase recorded in September.