Hungary CPI slows to 6.0% in October

Figures

Consumer prices in Hungary rose 6.0% year-on-year in October, slowing from a 6.6% increase in September, the Central Statistics Office (KSH) said on Tuesday.

A 2% drop in fuel prices in the month of October and base effects explain the slowdown of the twelve-month CPI, KSH department head Borbála Minary said. Consumer prices rose 0.1% month-on-month in October after rising 0.4% in September.
The estimates of emerging market analysts in London for the October year-on-year headline figure moved between 6.1% and 6.3%. The consensus figure of Hungarian analysts polled by the daily Napi Gazdaság was 6.2%.
January-October prices were up 5.8% from a year earlier. Annual average inflation slowed to 3.9% in 2011 from 4.9% in 2010. Twelve-month CPI reached a more than four-year peak in September. October twelve-month inflation was boosted by excise duty rises that pushed up spirits and tobacco prices, as well as by vehicle fuel and food. The tax-adjusted index calculated by KSH shows that, excluding tax and duty changes, consumer prices rose 0.1% a month after 0.3% in September and were up 3.5% yr/yr after a 4.1% yr/yr increase in the previous month. Seasonally-adjusted core inflation, which excludes volatile food and fuel prices, was up 0.1% a month after no change in September, and twelve-month core inflation slowed to 5.1%, its level in July and August, after picking up to 5.3% in September. The harmonised consumer price index (HICP) used for EU comparisons was 0.2% a month and 6.0% yr/yr, both down from 0.4% a month and 6.4% yr/yr in September.
Calculating with a consumer basket used for pensioners, prices rose 0.4% a month in October after 0.3% in September, and were 6.2% higher than a year earlier after rising 6.6% yr/yr in September. In a breakdown by product groups, alcohol and tobacco prices rose 0.5% a month and their twelve month rise, at 15.4%, was little changed, still boosted by excise duty rises. Vehicle fuel prices dropped 2.0% a month after rising 2.8% in September, and their twelve-month rise slowed to 10.4% from 15.7%. Prices of "other goods" fell as a result by 0.6% a month and were up a moderate 6.4% yr/yr. Food prices were up 0.6% a month as they were in September, despite a 0.9% drop in seasonal foodstuff prices. They continued to rise steeply, by 7.6% yr/yr as seasonal food prices rose by almost one-fifth, egg prices by a third and pork prices by more than 15%. Household energy prices rose 1.0% after a 0.5% in the previous month but rose a below-average 5.0% yr/yr. Bottled gas prices were up 11.6% and piped gas was 4.2% more expensive than in October 2011.
Services prices fell 0.5% in the second monthly fall in a row, and were up a below-average 4.2% on the year as waste collection fees were up 8.0% yr/yr, sewage fees rose 5.2% and water fees 5.0%. Prices for consumer durables rose 0.1%, in the first monthly rise since February. The forint strengthened in October, but the prices could have reflected its marked weakening in September. The prices dropped 1.2% year-on-year. Clothing and footwear prices jumped 3.0% in a month earlier on seasonal effects, but were still only 1.7% higher than a year earlier.

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New editor-in-chief at Betone Studio Appointments

New editor-in-chief at Betone Studio

Budapest leaders make public transport free for under-14s City

Budapest leaders make public transport free for under-14s

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.