Hungary CPI edges up to 5.8% in July

Figures

Consumer prices in Hungary rose 5.8% year-on-year in July, accelerating from a 5.6% increase in June, the Central Statistics Office (KSH) said on Tuesday.

Consumer prices dropped 0.1% month-on-month in July after rising 0.1% in June.

Emerging market analysts in London had put the year-on-year headline figure between 5.5% and 5.7%.

Hungarian analysts had estimated that consumer prices fell 0.1% month-on-month in July.

The year-on-year headline figure was lifted by a 7.1% increase in the price of "other goods", which includes vehicle fuels, a 6.3% rise in household energy prices, a 14.1% climb in alcohol and tobacco prices – lifted by higher excise taxes – and a 6.1% advance in food prices. Consumer durable prices edged down 0.9% and service prices were up just 4.1%.

In a month-on-month comparison, service prices were up 0.8% and alcohol and tobacco prices rose 0.5%, but prices in the category that includes vehicle fuel fell 1.0%, household energy prices were down 0.3% and food prices fell 0.2%. Consumer durable prices were flat.

Hungary's year-on-year CPI harmonized for comparison with other European Union member states was 5.7% in July.

Core inflation, which excludes volatile food and fuel prices, was a seasonally-adjusted 5.1%.

Excluding the effects of tax changes, CPI came to 3.5%.

Calculating with a consumer basket used for pensioners, prices were up 5.8%.

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