MNB: Despite CPI drop, underlying inflation measures rise

Food

In spite of a drop in year-on-year headline inflation to -0.4% in September from zero in August, two of three of the National Bank of Hungaryʼs  “underlying measures of inflation” edged up, data published by the central bank today reveals.

The indicator for core inflation, excluding indirect tax effects, was 1.1% in September, rising from 1.0% in the previous month. The indicator for demand-sensitive inflation, which excludes processed foods from core inflation, was 1.9%, climbing from 1.8%; while the indicator for sticky price inflation, which includes items for which retail prices vary, on average, no more than 15% a month, fell to 2.0% from 2.2%.

The MNB said the indicatorsʼ levels “continue to show a moderate inflationary environment”. Headline inflation was -0.4% year-on-year in September, the Central Statistics Office (KSH) said earlier today, down from 0% in August. Seasonally-adjusted core inflation was 1.3%.

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