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KSH: Hungary’s CPI down 0.2%

Figures

Hungary’s consumer price index (CPI) was down 0.2% on average in March, as compared to the same month a year earlier, Hungary’s Central Statistical Office (KSH) said today in a report.

Data by KSH show that vehicle gas prices dropped significantly in the month, while the highest price rise was measured for alcoholic beverages and tobacco as well as consumer durables.

In year-on-year terms, food prices were up 0.7% in March, with pork prices dropping by 19.3%, the price of milk by 10.5% and cheese prices by 7.4%.

In March, an average price rise of 2.4% was observed for alcoholic beverages and tobacco, 1.7% for consumer durables and 1.4% for services, KSH said. The price of electricity, gas and other fuels – in this main commodity group on average – remained unchanged, KSH added. The price of vehicle gas was down 14.8%.

As compared to the previous month, consumer prices were up by 0.1% on average, while in the period of January–March consumer prices rose by 0.3% on average as compared to the same period a year earlier.

Takarékbank analyst Gergely Suppan told Hungarian news agency MTI that inflation was unlikely to reach the National Bank of Hungaryʼs 3% target till 2018, making room for further rate cuts and more unconventional monetary policy moves.

CIB analyst Sándor Jobbágy told MTI that headline CPI could stay in negative territory until July. He put average annual inflation at 0.5%. According to Erste Bank chief analyst Gergely Ürmössy, CPI would probably remain negative in April as well. He said central bank policy makers could bring the base rate down to 0.75% by June from 1.20% at present.

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