Hungary Inflation


Hungary: Consumer prices fall again in October

November 11, 2014

In October, consumer prices fell 0.3% over the previous month, which followed the 0.2% drop observed in September. The figure represented the steepest drop in 10 months. The fall reflected that a decrease in prices for electricity, gas and other fuels more than offset higher prices for clothing and footwear.

In annual terms, consumer prices dropped 0.4% in October, which undershot the 0.3% decline the market had expected but was up from the 0.5% drop observed in the previous month. September’s reading had marked the steepest decline on record. Annual 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 (September: -0.3% month-on-month). Meanwhile, annual core inflation inched up from 1.4% in September to 1.5% in October.

In its September inflation report, the Central Bank projects that inflation will be 0.1% on average in 2014. For 2015, it sees inflation averaging 2.5%. FocusEconomics panelists see inflation averaging 0.2% in 2014, which is unchanged from last month’s projection. Next year, the panel expects inflation to rise to 2.3%, which is also unchanged from last month’s estimate.

Author: Teresa Kersting, Economist

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Hungary Inflation Chart

Hungary Inflation October 2014

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

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