Hungary Inflation

Hungary

Hungary: Consumer prices stable at record-low in May

June 12, 2014

In May, consumer prices decreased 0.2% over the previous month according to the statistical office. The decline, which contrasted the 0.1% rise recorded in April, reflected that a drop in prices for energy and consumer durables more than compensated for higher prices for clothing and footwear as well as for foodstuff.

In May, consumer prices fell 0.1% over the same month last year, matching April’s print which had marked a record-low. As a consequence, annual inflation stayed below the Central Bank’s target of 3.0% with a tolerance margin of plus/minus 1.0%. The core inflation index, which excludes volatile items such as fresh food and fuel, rose 0.2% over the previous month (April: +0.1% month-on-month). Meanwhile, annual core inflation rose from 2.3% in April to 2.5% in May.

The Central Bank expects that inflation will end 2014 at 0.7% and increase to 3.0% by the end of 2015. FocusEconomics panelists see 2014 year-end inflation at 2.1%, which is down 0.1 percentage points over last month’s projection. Next year, the panel expects inflation to rise to 3.0%.


Author: Teresa Kersting, Economist

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Hungary Inflation Chart


Hungary Inflation May 2014

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


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