MNB: Underlying measures of inflation drop as CPI falls

Analysis

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The National Bank of Hungaryʼs (MNB) “underlying measures of inflation” dropped in February as headline CPI fell, data published by the MNB today show, according to Hungarian news agency MTI.

The indicator for core inflation, excluding indirect tax effects, was 1.2% in February, dropping from 1.3% in the previous month. The indicator for demand-sensitive inflation, which excludes processed foods from core inflation, was 1.6%, slowing from 1.9%; 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%, down from 2% in the previous month. 

“The levels of the measures continue to indicate a restrained inflation environment,” the MNB said in a monthly assessment of the inflation data.

“Householdsʼ inflationary expectations dropped and were at moderate levels in line with low underlying inflation developments,” the central bank added.

Headline inflation was 0.3% year-on-year in February, the Central Statistical Office (KSH) said last Thursday, slowing from 0.9% in January. Seasonally-adjusted twelve-month core inflation was 1.4%. Consumer prices were down 0.1% from January.

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