ADVERTISEMENT

Consumer prices up 6.4% yr/yr in November - detailed

Figures

Consumer prices rose 6.4% yr/yr in November and were up 0.2% from October, the Central Statistics Office (KSH) announced on Tuesday.

Twelve-month inflation was a hair up from 6.3% in October, while the month-on-month increase compares with a marked 0.5% increase in October. The figures are in line with analysts' estimate in a poll for Monday's issue of business daily Napi Gazdaság. The analysts said consumer prices rose 6.39% year-on-year in November and were up 0.22% from October.

Seasonally-adjusted core inflation was 4.6% compared to November 2005, picking up from 4.4% in the previous month. Core inflation was 0.4% compared to October, slowing one-tenth of a percentage point from the previous month. Tax changes, including a reduction in the main VAT rate from 25% to 20% on January 1, 2006, and an increase of the middle VAT rate from 15% to 20% on September 1, had no apparent effect on November inflation figures, KSH noted. In January-November, consumer prices were 3.7% higher than in the same period last year.

In November alone, the rise in food prices accelerated to 1.4% from 0.4% in October, boosted by a 10.8% rise in the price of seasonal produce. Excluding seasonal produce, food prices rose 0.4% from October. Potato prices jumped 18.4% in a single month, fresh vegetables cost 8.8% more and fresh domestic and tropical fruit prices rose 7.7%. Vehicle fuel prices dropped 2.3% in November compared to October, after a 5.0% monthly fall in October and a 5.5% decline in September. In a twelve-month comparison, November fuel prices fell a slight 0.1%, after rising 10.1% year-on-year in August. Clothing prices rose an above-average 0.6% in November compared to October. Household energy prices fell 1.2% from October but rose 17.2% year-on-year in November.

Gas prices fell 5.7% in November compared to October, while the cost of district heating rose 3.9%. In a twelve-month comparison, gas prices jumped 30.1% in November and district heating prices rose 7.5%. Local councils are currently preparing decisions on district heating fees to be introduced from the start of next year.

Electricity prices rose 10.5% year-on-year in November, coal prices were up 14% and firewood was 27.8% dearer. Service prices rose just 0.1% in November compared to October. But in a twelve-month comparison, they rose 5.0%, still well under the headline figure. Within services, rent and home maintenance costs rose 6.9% year-on-year in November, including a 10.3% rise in rubbish collection charges and a 9.8% rise in sewage fees. Local transport fares rose 9.9% in a year to November and postal fees were up 5.1%.(Mti-Eco)

ADVERTISEMENT

IMF raises Hungary 2021 GDP growth forecast to 7.6% Analysis

IMF raises Hungary 2021 GDP growth forecast to 7.6%

Parliament approves amendment to Competition Act Parliament

Parliament approves amendment to Competition Act

New CEO announced at Codic Hungary Appointments

New CEO announced at Codic Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.