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MNB inflation indicators fall in April, but still ‘broadly unchanged’

Analysis

MNB headquarters in Budapest (Image by Jessica Fejos)

Measures of underlying inflation of the National Bank of Hungary (MNB) partially fell but were still "broadly unchanged" in April compared to the previous month, the central bank said in a monthly assessment today, according to Hungarian news agency MTI.

The indicator for core inflation, excluding indirect tax effects, was 1.2% in April, down from 1.3% in the previous month. 

The indicator for demand-sensitive inflation, which excludes processed foods from core inflation, was 0.8%, unchanged from March.

The indicator for sticky price inflation, which includes items for which retail prices vary, on average, no more than 15% a month, was also unchanged at 0.6%.

The MNB noted that the indicators of underlying inflation developments "were broadly unchanged compared with the previous month and continued to be in the 1.5%-2% band."

The decline in inflation in April primarily reflected a drop in the price index for fuel, due mainly to base effects. Householdsʼ inflation expectations have remained at moderate levels in recent months, in line with underlying inflation developments.

Hungaryʼs headline CPI fell to 2.2% year-on-year in April from 2.7% in March, the Central Statistical Office (KSH) said earlier Wednesday. Seasonally adjusted core inflation, which excludes volatile fuel and food prices, was 1.9%.

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