MNB: Underlying inflation measures down as CPI drops

Analysis

The National Bank of Hungaryʼs (MNB) “underlying measures of inflation” all fell in May as headline CPI dropped into negative territory, data published by the central bank show, according to a report published by Hungarian news agency MTI yesterday.

The indicator for core inflation, excluding indirect tax effects, was 1.1% in May, down from 1.3% in the previous month.  

The indicator for demand-sensitive inflation, which excludes processed foods from core inflation, was 1.5%, dropping from 1.7%; while the indicator for sticky price inflation, which includes items for which retail prices vary, on average, no more than 15% a month, was 1.7%, down from 1.8% in the previous month.

Headline inflation was minus 0.2% year-on-year in May, the Hungarian Central Statistical Office (KSH) said earlier on Tuesday, as consumer prices fell year-on-year after a 0.2% year-on-year rise in April. KSHʼs seasonally-adjusted twelve-month core inflation was 1.3%. Consumer prices were up 0.3% from April.

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