MNB underlying indicators show prices rising

Analysis

All three of the the National Bank of Hungary's (MNB) "underlying measures of inflation" were over headline CPI in July, the indices published revealed yesterday.

The indicator for core inflation, excluding indirect tax effects, was in 1.4% in July, level with the rate in the previous two months. The indicator for demand-sensitive inflation, which excludes processed foods from core inflation, was 1.5%, edging up from 1.4% in June.

The indicator for sticky price inflation, which includes items for which retail prices vary, on average, no more than 15% a month, was 1.4%, also up one-tenth of a percentage point from the previous month.

Consumer prices in Hungary edged up 0.1% year-on-year in July, rising after three consecutive months of declines had caused some rumblings about the threat of deflation, data released by the Central Statistics Office (KSH) on Tuesday show.

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