Most underlying inflation measures climb slower than headline CPI

Analysis

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Most of the National Bank of Hungaryʼs (MNB) “underlying measures of inflation” accelerated at a slower rate than headline CPI in October, data published by the central bank today reveal, according to Hungarian news agency MTI.

The indicator for core inflation, excluding indirect tax effects, was 1.3% in October, rising from 1.1% in the previous month. The indicator for demand-sensitive inflation, which excludes processed foods from core inflation, was 2.0%, climbing 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, fell to 1.8% from 2.0%.

The MNB said the indicatorsʼ levels "continue to show 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 0.1% year-on-year in October, the Central Statistics Office (KSH) said earlier on Tuesday, accelerating from -0.4% in September. Seasonally-adjusted core inflation was 1.5%.

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