Hungary Inflation July 2017

Hungary

Hungary: Inflation moves back within Central Bank's target range in July

August 8, 2017

Consumer prices were unchanged in July from a month earlier, resulting in a flat reading. Food, clothing and footwear prices slackened, however this was offset by higher prices for services, alcoholic beverages and tobacco.

Inflation in July increased to 2.1%, up from 1.9% in June and returned to within the Central Bank’s target band of 3.0% plus/minus 1.0 percentage point, where it hovered for the first five months of the year. The increase was primarily driven by a rise in food, alcoholic beverages and tobacco prices. The boost in inflation caused annual average inflation to edge up from 1.5% in June to 1.7% in July.

Core consumer prices, which exclude volatile items such as fresh food and fuel, edged up from 0.3% in June to 0.4% in July. Additionally, core inflation increased from 2.4% to 2.6%.

The Central Bank forecasts inflation to average 2.4% this year and 2.8% in 2018. FocusEconomics panelists see inflation averaging 2.4% in 2017, which is down 0.1 percentage points from last month’s projection. For 2018, the panel expects inflation to rise to 2.7%.


Author:, Economist

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Hungary Inflation Chart


Hungary Inflation July 2017

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


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