Hungary Inflation


Hungary: Consumer prices decline in February

February 10, 2015

In February, consumer prices rose 0.5% over the previous month, contrasting the 0.2% drop observed in January. The figure represented the largest increase in 17 months and reflected higher prices for several categories of the price index, such as food, alcoholic beverages and tobacco as well as consumer durables.

In annual terms, consumer prices decreased 1.0% in February, following the 1.4% drop observed in the previous month, which had represented the steepest decline on record. As a consequence, inflation remains below the Central Bank’s target of 3.0%, with a tolerance margin of plus/minus 1.0%. Core consumer prices, which exclude volatile items such as fresh food and fuel, rose 0.2% over the previous month, coming in below January’s 0.3% increase. Meanwhile, annual core inflation edged up from 0.7% in January to 1.0% in February.

In its December inflation report, the Central Bank projects that inflation will be 0.9% on average in 2015. For 2016, it sees inflation averaging 2.9%. FocusEconomics panelists see inflation averaging 0.6% in 2015, which is down 0.9 percentage points from last month’s projection. For 2016, the panel expects inflation to rise to 2.5%.

Author: Teresa Kersting, Economist

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Hungary Inflation Chart

Hungary Inflation February 2015

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

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