Hungary Inflation June 2016


Hungary: Inflation falls below Central Bank target range in June

July 11, 2017

In June, consumer prices fell from a 0.2% increase in May to a flat reading. The result mainly reflected higher prices for alcoholic beverages and tobacco which offset lower prices for consumer durables.

Inflation in June moderated for the fourth consecutive month from 2.1% in May to 1.9%. Inflation is now outside the Central Bank’s target of 3.0% with a tolerance margin of plus/minus 1.0% for the first time since December 2016. Despite the inflation drop, annual average inflation edged up from 1.3% in May to 1.5% in June.

Core consumer prices, which exclude volatile items such as fresh food and fuel, edged up from 0.2% in May to 0.3% in June. Lastly, core inflation increased from 2.1% in May to 2.4% in June.

The Central Bank forecasts inflation to average 2.4% this year and 2.8% in 2018. FocusEconomics panelists see inflation averaging 2.5% in 2017, which is down 0.1 percentage points from last month’s projection. For 2018, the panel expects inflation to rise to 2.8%.

Author: Jean-Philippe Pourcelot, Economist

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Hungary Inflation Chart

Hungary Inflation June 2017

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

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