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Hungary Inflation August 2023

Hungary: Inflation falls to lowest level since August 2022 in August

Inflation came in at 16.4% in August, which was down from July’s 17.6%. August’s reading marked the weakest inflation rate since August 2022. Looking at the details of the release, prices for clothing and footwear fell in August, although prices for food and non-alcoholic beverages were steady.

Annual average inflation remained at July’s 21.9% in August. Meanwhile, core inflation fell to 15.2% in August, from July’s 17.5%.

Finally, consumer prices rose 0.70% in August over the previous month, picking up from the 0.26% increase seen in July. August’s figure was the highest reading since March.

Commenting on the release, Peter Virovacz, senior economist at ING, stated:

“In light of today’s data, a single-digit inflation rate at the end of the year seems certain. If there are no further price shocks, we could even see a rate below 10% as early as November. If we see a continuation of the recent repricing trend, and based on retail price expectations, we can be hopeful that the core reading will reach the sub-10% range by December. Looking ahead to next year, we’re expecting average inflation to be at around 5.0% – although we still see some upside risks.”

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