Hungary Inflation


Hungary: Drop in consumer prices softens in March

April 8, 2015

In March, consumer prices rose 0.6% over the previous month, coming in marginally above the 0.5% increase observed in February. The figure represented the largest increase since January 2013 and reflected higher prices for several categories of the price index, such as food as well as clothing and footwear.

In annual terms, consumer prices decreased 0.6% in March, which came in above the 1.0% drop observed in the previous month, and represented the smallest decline in five months. 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, matching February’s result. Meanwhile, annual core inflation remained at February’s 1.0%.

In its March inflation report, the Central Bank projects that inflation will be flat on average in 2015. For 2016, the Bank sees inflation averaging 2.6%. FocusEconomics panelists see inflation averaging 0.4% in 2015, which is up 0.1 percentage points from last month’s projection. For 2016, the panel expects inflation to rise to 2.4%.

Author: Teresa Kersting, Economist

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Hungary Inflation Chart

Hungary Inflation March 2015

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

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