Hungary Inflation September 2016


Hungary: Inflation resurfaces in September

October 11, 2016

In September, consumer prices rose 0.2% from the previous month, contrasting August’s 0.4% decrease. The increase reflected higher prices for several categories, including clothing and footwear, consumer durables, and alcoholic beverages and tobacco.

Inflation returned in September, coming in at 0.6%, after four months of falling prices and following August’s 0.1% annual drop in prices. While the result was in line with market expectations, inflation rested well below the Central Bank’s target of 3.0%, with a tolerance margin of plus/minus 1.0%. Annual average inflation inched up from August’s 0.1% to 0.2%. Core consumer prices, which exclude volatile items such as fresh food and fuel, fell 0.1% from the previous month, while they had been flat in August. Meanwhile, core inflation rose slightly from 1.3% to 1.4%.

The Central Bank forecasts inflation of 0.4% this year and of 2.3% in 2017. FocusEconomics panelists see inflation averaging 0.4% in 2016, which is down 0.1 percentage points from last month’s projection. For 2017, the panel expects inflation to rise to 1.8%, which is unchanged from last month’s estimate.

Author: Teresa Kersting, Economist

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Hungary Inflation Chart

Hungary Inflation September 2016

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

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