Inflation up 0.4% y.o.y. on tobacco/utilities tug-of-war
The Central Statistics Office (KSH) numbers for inflation in December 2013 show that consumer prices in Hungary increased by 0.4% year-on-year. Price increases in alcoholic beverages, tobacco and services were among the most notable rises. For 2013, the inflation rate was up 1.7% year-on-year.
In December 2013, consumer prices decreased by 0.5% month-on-month; naturally the big 8.1% drop saw electricity, gas, and fuel prices post the biggest decrease, due to the government-mandated cuts to utility fees in the later part of the year.
The highest rises m.o.m. were seen in alcohol and tobacco products (1.2%) and “other goods” (1.0%). Motor fuel prices were up 2.5%.
For the year, prices rises were highest in alcoholic beverages and tobacco was the highest (a 10.9% increase y.o.y. due muchly to implementation of the National Tobacco Shop scheme and concomitant mandated profit margins), followed by services (3.6%) and food products (2.8%). Consumers paid 0.4% less y.o.y. for clothing and footwear; 1.9% less for consumer durable goods and 8.5% less for electricity, gas and other fuels.
Within the 28 member states of the European Union (EU-28), annual inflation increased 1.0% year-on-year through November ’13. The lowest annual inflation rates were observed in Greece (-2.9% y.o.y.) and Bulgaria (-1.0%), with the highest in Estonia (2.1%) and Finland (1.8%).
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