MNB underlying inflation indicators unchanged in June

Analysis

The National Bank of Hungaryʼs three "underlying measures of inflation" remained unchanged in June compared to the previous month, even as headline CPI edged up, data published by the central bank on Wednesday show.

The indicator for core inflation, excluding indirect tax effects, was 1.2% in June. The indicator for demand-sensitive inflation, which excludes processed foods from core inflation, was 2.0%, and the indicator for sticky price inflation, which includes items for which retail prices vary, on average, no more than 15% a month, was 2.3%.

The MNB said the indicatorsʼ levels "continue to show a moderate inflation environment".

Headline inflation was up 0.6% year-on-year in June, the Central Statistics Office (KSH) said earlier on Wednesday, noting an acceleration from the 0.5% increase in May. Seasonally-adjusted core inflation was 1.2%.

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