KSH: CPI falls more than expected
The Consumer Price Index (CPI) in Hungary fell by a y.o.y 0.7% in November, while emerging market analysts in London earlier projected November CPI at negative 0.5%, Hungary’s Central Statistics Office (KSH) reported today.
Consumer prices fell 0.4% in October and were down 0.5% in September. According to KSH, November’s CPI continued to fall on a government-mandated reduction in household utilities prices.
Household energy prices were down by a y.o.y. 13.%, the price of food as well as consumer durables edged down 0.2%, clothing prices dropped by 0.6% and prices in the category of goods that includes vehicle fuel fell by 0.7%. Alcohol and tobacco prices rose by 2.8% and service prices were up by 1.6%.
According to Hungarian news agency MTI, core inflation, which excludes volatile food and fuel prices, was up 1.2%, despite the falling CPI. Hungary's CPI harmonized for comparison with other European Union member states was 0.1%. Calculating with a consumer basket for pensioners, the index was negative 0.8%.
Consumer prices fell by 0.4% in November in a month-on-month comparison. Food prices slipped 0.3% and household energy prices edged back 0.1%, but prices in the category of goods that includes vehicle fuel fell a sharp 1.9%. Service prices edged up 0.1% and clothing prices rose 0.8%.
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