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MNB: Underlying inflation measures move counter to headline CPI

Analysis

The National Bank of Hungary’s (MNB) “underlying measures of inflation” fell or were flat in November, in spite of an acceleration in headline CPI, data published by the central bank today show.

The indicator for core inflation, excluding indirect tax effects, was 1.2% in November, down from 1.3% in the previous month. The indicator for demand-sensitive inflation, which excludes processed foods from core inflation, was 1.8%, slipping from 2%; while the indicator for sticky price inflation, which includes items for which retail prices vary, on average, no more than 15% a month, was 1.8%, level with the previous month.

The MNB said the indicators’ levels “continue to indicate a moderate inflation environment”.

“Householdsʼ inflation expectations have been broadly unchanged since early 2015, remaining at moderate levels in line with low underlying inflation developments,” the central bank added.

Hungary’s Central Statistical Office (KSH) reported early today that Hungary’s Consumer Prices Index (CPI) saw a year-on-year 0.5% rise in November.

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