Hungary Inflation


Hungary: Inflation jumps in May

June 9, 2015

In May, consumer prices rose 0.7% over the previous month, coming in above the 0.4% increase observed in April and marking the largest increase since January 2013. The figure reflected higher prices for several categories of the price index, including food and motor fuels.

Headline inflation jumped to 0.5% in May (April: -0.3% year-on-year), marking a return to rising prices after eight months of decreasing prices and representing the highest reading in a year and a half. 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 0.2% over the previous month, coming in below April’s 0.3% increase. Meanwhile, annual core inflation inched up from April’s 1.2% to 1.3% in May.

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 0.2% in 2015, which is up 0.2 percentage points 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 May 2015

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

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