Inflation in Hungary

Hungary Inflation | Economic News & Forecasts

Hungary - Inflation

Inflation comes in at highest level since October 2012 in September

Consumer prices increased 0.20% over the previous month in September, stable from August's reading. September’s rise came on the back of higher prices for food, clothing and footwear and consumer durables.

Inflation increased to 5.5% in September, following August’s 4.9%. September's reading represented the highest inflation rate since October 2012. Meanwhile, the trend pointed up slightly, with annual average inflation coming in at 4.0% in September (August: 3.9%). Lastly, core inflation rose to 4.0% in September, from August’s 3.6%.

Commenting on the release, Peter Virovacz, Hungary senior economist at ING, stated:

“The September inflation reading was in line with the market consensus, but it is higher than the NBH's forecast published in September (5.5% vs 5.2-5.3%). As a result, we see an increased risk that inflation over 2021-2022 will be higher than outlined in the September Inflation Report. This would also mean further delays in reaching the inflation target without changing the central bank’s underlying rate hike path. According to the latest official communication, the rate hike cycle will continue in the next couple of months with 15bp steps. However, today’s data may force the NBH to change tempo again, this time increasing it. A stronger rate hike might be needed to anchor inflation expectations and to avoid second-round effects.”

FocusEconomics panelists see inflation averaging 4.3% in 2021, which is up 0.2 percentage points from last month’s projection. For 2022, the panel sees inflation averaging 3.4%, which is unchanged from last month’s estimate.

Hungary - Inflation Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)-0.1  0.4  2.4  2.8  3.4  

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Hungary Inflation Chart

Hungary Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Hungarian Central Statistical Office (KSH).

Hungary Facts

Value Change Date
Bond Yield2.080.0 %Dec 31
Exchange Rate295.1-0.68 %Jan 01

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