ADVERTISEMENT

Hungary CPI accelerates to 6.0% in August

Figures

Consumer prices in Hungary rose 6.0% year-on-year in August, accelerating from a 5.8% increase in July, the Central Statistics Office (KSH) said on Tuesday.

The twelve-month CPI reached its highest since a 6.4% rate measured in January 2010, boosted by vehicle prices and by the July excise duty rises. Food prices also rose above the average rate in twelve months, but fell 0.9% in a month.

Consumer prices 0.1% month-on-month in August after dropping 0.1% in July.

Analysts in London had put the year-on-year headline figure between 6.0% and 6.2%. Hungarian analysts had estimated August twelve-month consumer price inflation at between 5.8% and 6.0%.

January-August prices were up 5.7% from a year earlier. Consumer price inflation slowed to 3.9% last year from 4.9% in 2010.

Vehicle fuel prices were up 13.5% in one year, boosting the price rise of "other goods" to 7.9%, KSH said. Food prices were up 6.3% in twelve months, alcohol and tobacco prices rose 14.1%, boosted by excise duty rises, and household energy prices rose 6.2%. Consumer durable prices fell 0.8% and service prices were up just 4.1%.

Services prices rose, however, 0.3% in a month, boosted by recreation services. "Other goods" prices rose the most, by 1.6% as fuel prices were up 3.6% in a month. Alcohol and tobacco prices rose 0.5%.

Prices in all other main categories fell in a month-on-month comparison. Food prices fell 0.9% from July as seasonal foodstuff prices fell 7.3%. Seasonal sales pushed clothing, footwear prices 1.8% lower and household energy and consumer durables both became 0.2% cheaper.

Seasonally-adjusted core inflation, which excludes volatile food and fuel prices, slowed to 0.3% from 0.4% in a month in July and was unchanged at 5.1% yr/yr.

The harmonized consumer price index (HICP) used for EU comparisons was 0.1% a month and 6.0% yr/yr in August, as against minus 0.2% and 5.7%, respectively, in July.

Excluding the effects of tax changes, consumer prices rose 0.1% a month and 3.7% yr/yr in August after dropping 0.2% a month and rising 3.5% on the year in July.

Calculating with a consumer basket used for pensioners, prices were unchanged from July and up 6.1% yr/yr in August after a 0.1% monthly decrease and a 5.8% twelve-month rise.

EBRD Provides Portfolio Risk-sharing Facility to OTP Leasing... Banking

EBRD Provides Portfolio Risk-sharing Facility to OTP Leasing...

Gov't to Call HUF 75 bln Tender to Support Innovation by SME... Government

Gov't to Call HUF 75 bln Tender to Support Innovation by SME...

Gov't Distributing 200,000 Digital Notebooks to Students Innovation

Gov't Distributing 200,000 Digital Notebooks to Students

Consumer Protection Forces Website Changes on Viagogo Tourism

Consumer Protection Forces Website Changes on Viagogo

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.