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Absolute zero: 0% CPI reported for Hungary in January

Food

Hungary’s twelve-month consumer price index (CPI) fell to 0% in January from 0.4% in December, the Central Statistics Office (KSH) reported today, attributing the fall in part to the government-mandated 16.9% drop in household energy prices. 

KSH further reported that food prices edged down 0.2% year-on-year in January, prices in the category of goods that includes vehicle fuel decreased 0.6% and consumer durable prices fell 0.8%. Clothing prices slipped 0.7%, but alcohol and tobacco prices climbed 10.5% because of excise tax changes and service prices were up 3.1%.

Month-on-month, CPI was 0.3% in January.

Weighing in to comment with national news service MTI were three local analysts, who commented thusly.

Erste Bank Hungary analyst Gergely Gabler: CPI is likely to climb gradually as base effects leave the picture … annual inflation for 2014 should be 1.3%.

K & H Bank chief analyst Dávid Németh: Core inflation of around 3.5% in past months suggests inflation will climb over 2.5% by year’s end … annual inflation will be between 1.1% and 1.2% for 2014.

Takarékbank senior analyst Gergely Suppan: Average annual inflation this year could be around 1% ... the forint’s volatility and a deterioration of risk assessment could narrow the opportunity for the National Bank of Hungary (MNB) to lower its base rate further.

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