Hungary Inflation


Hungary: Consumer prices register record drop in January

February 11, 2015

In January, consumer prices fell 0.2% over the previous month, which followed the 0.7% drop observed in December. The figure represented the smallest decline in four months and reflected falling prices for several categories of the price index, such as food as well as clothing and footwear.

In annual terms, consumer prices decreased 1.4% in January, following the 0.9% drop observed in the previous month and representing the steepest decline on record. As a consequence, inflation fell further 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 0.3% over the previous month, contrasting December’s 0.2% price decrease. Meanwhile, annual core inflation edged down from 0.9% in December to 0.7% in January.

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 January 2015

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

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