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MNB: Underlying measures of inflation counter headline CPI

Analysis

The National Bank of Hungaryʼs (MNB) "underlying measures of inflation" all fell in December, in spite of an acceleration in headline CPI, data published by the central bank today show, according to Hungarian news agency MTI.

The indicator for core inflation, excluding indirect tax effects, was 1.1% in December, down from 1.2% in the previous month. The indicator for demand-sensitive inflation, which excludes processed foods from core inflation, was 1.5%, slipping from 1.8%; 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.

The MNB said the indicatorsʼ 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.

Headline inflation was 0.9% year-on-year in December, the Central Statistics Office (KSH) said earlier today, accelerating from 0.5% in November. Seasonally-adjusted core inflation was 1.4%.

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