Hungary Inflation August 2016


Hungary: Consumer prices continue to decline in August

September 9, 2016

In August, consumer prices fell 0.4% over the previous month, coming in below July’s softer 0.2% decrease. The decline mainly reflected lower prices for food, clothing and footwear.

In annual terms, consumer prices fell 0.1% in August, which followed July’s 0.3% decline. The reading met market expectations. Inflation is well below the Central Bank’s target of 3.0%, with a tolerance margin of plus/minus 1.0%. Annual average inflation rested at July’s 0.1% in August. Core consumer prices, which exclude volatile items such as fresh food and fuel, were flat over the previous month, while they had increased 0.2% in July. Meanwhile, core inflation held steady at July’s 1.3% in August.

The Central Bank forecasts inflation of 0.5% this year and of 2.6% in 2017. FocusEconomics panelists see inflation averaging 0.6% in 2016, which is unchanged from last month’s projection. For 2017, the panel expects inflation to rise to 1.9%.

Author: Teresa Kersting, Economist

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Hungary Inflation Chart

Hungary Inflation August 2016

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

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