MNB underlying inflation indicators unchanged in June


The National Bank of Hungary’s (MNB) three “underlying measures of inflation” were unchanged in June compared to the previous month, as headline CPI was at negative 0.2% both in June and May, data published by the central bank today show, according to Hungarian news agency MTI.

According to MNB:

  • The indicator for core inflation, excluding indirect tax effects, was 0.8% in June just like in May.
  • The indicator for demand-sensitive inflation, which excludes processed foods from core inflation, was also 0.8% following a 0.8% data in May. 
  • The indicator for sticky price inflation, which includes items for which retail prices vary, on average, no more than 15% a month, was 0.6% both in June and in May.
  • Core inflation stood at 1.2% in June and was down by 0.1 percentage point compared to the previous month.

The measures of underlying inflation “continue to indicate a moderate inflation environment”, the MNB said, adding that households’ inflation expectations have been largely unchanged in recent months and remained at moderate levels.


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