All MNB's underlying inflation indicators fall

Analysis

The Hungarian central bank said today that all three of its “underlying measures of inflation” dropped for the first time since last September, the National Bank of Hungary (MNB) announced today, not long after KSH said that Hungary’s CPI had fallen by a y.o.y. 1.4% in January.

The indicator for core inflation, excluding indirect tax effects, was 1.0% in January, dropping further from 1.1% in December, while the indicator for demand-sensitive inflation, which excludes processed foods from core inflation, was 1.5% after remaining at 1.6% for the previous two months. The indicator for sticky price inflation, which includes items for which retail prices vary, on average, no more than 15% a month, slowed the most: to 1.9% year-on-year after climbing to 2.2%.

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