Hungary Inflation


Hungary: Inflation inches up in June

July 8, 2015

In June, consumer prices rose 0.2% over the previous month, coming in below the 0.7% increase observed in May and marking the smallest increase in five months. The figure reflected that higher prices for alcoholic beverages and tobacco more than offset lower prices for clothing and footwear.

Headline inflation inched up from May’s 0.5% to 0.6% in June, marking the highest reading since November 2013. Nevertheless, 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 0.1% over the previous month, coming in slightly below May’s 0.2% increase. Meanwhile, annual core inflation inched down from May’s 1.5% to 1.4% in June.

In its June inflation report, the Central Bank projects that inflation will average 0.3% in 2015. For 2016, the Bank sees inflation averaging 2.4%. FocusEconomics panelists see inflation averaging 0.3% in 2015, which is unchanged from last month’s projection. For 2016, the panel expects inflation to rise to 2.5%.

Author: Teresa Kersting, Economist

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Hungary Inflation Chart

Hungary Inflation June 2015 0

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

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