Analysts put July CPI at minus 0.1%

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Hungary's consumer price index was probably minus 0.1% in July both in y.o.y. and month-on-month comparisons, according to analysts polled by business daily Napi Gazdaság.

The CPI dropped a record minus 0.3% in June. The Central Statistics Office (KSH) will publish July's CPI on Tuesday. The analysts said annual consumer inflation could be around 0.2% this year and 2.5% in 2015.

The analysts said the biggest impact on CPI continues to be government-mandated utility price cuts, adding that the rate of inflation could accelerate slightly from August as an earlier round of reductions falls out of the base period.

Orsolya Nyeste of Erste Bank said seasonal food prices and prices of clothes continued to fall, which could have been partly offset by higher vehicle fuel prices in July. The twelve-month index could return to positive territory in the fourth quarter, rising above 1% in December, she added.

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