Hungary: Inflation stable in January
Consumer prices rose 0.3% over the previous month in January, reverting December’s 0.3% drop. January’s increase was driven by higher prices for food, and alcoholic beverages and tobacco, which more than offset lower prices for clothing and footwear—which dropped due to the end-of-season sale.
Inflation was stable at December’s 2.7% in January, thus remaining within the Central Bank’s target range of 3.0% plus or minus 1.0 percentage point. Meanwhile, annual average inflation inched up to an over five-year high of 2.9% in January, from 2.8% in December.
Core consumer prices, which exclude volatile items such as fresh food and fuel, grew 0.4% from the previous month in January, up from December’s 0.2% uptick. Lastly, core inflation rose to a five-year high of 3.2% in January from December’s 2.8%.