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MNB measures of underlying inflation broadly unchanged in March

Food

The National Bank of Hungaryʼs (MNB) measures of underlying inflation were “broadly unchanged” in March compared to the previous month, the central bank said in a monthly assessment today, Hungarian news agency MTI reported.

The indicator for core inflation, excluding indirect tax effects, was 1.0% in March, falling from 1.2% in the previous month. The indicator for demand-sensitive inflation, which excludes processed foods from core inflation, was 1.5%, slipping from 1.6%; while the indicator for sticky price inflation, which includes items for which retail prices vary, on average, no more than 15% a month, was 1.7%, down from 1.8% in the previous month.

“The levels of the measures continue to indicate a moderate inflation environment,” the MNB said.

“The contribution of demand-sensitive products to inflation has been broadly unchanged in recent months, while changes in the more volatile items, i.e. food and energy, sensitive mainly to cost changes, have had a downward effect on prices,” it added.

Householdsʼ inflation expectations were unchanged and remained at “moderate levels slightly below the tolerance band around the inflation target”, the MNB said.

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