Hungary Inflation


Hungary: Inflation moderates in July

August 11, 2015

In July, consumer prices were unchanged over the previous month (June: +0.2% month-on-month). The print reflected that lower prices for food and for clothing and footwear were offset by higher prices for services and alcoholic beverages and tobacco.

Inflation receded from June’s 0.6%, which had marked the highest reading since November 2013, to 0.4% in July. As a result, inflation dropped further 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 slightly above June’s 0.1% increase. Meanwhile, annual core inflation inched down from June’s 1.4% to 1.3% in July.

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 July 2015

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

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