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KSH: Hungary’s CPI drops 0.4% in September

Figures

Hungaryʼs consumer price index dropped 0.4% in September, compared with the same month a year ago, Hungary’s Central Statistical Office (KSH) said today. Prices of motor fuels dropped significantly, while price increases were recorded for alcoholic beverages, tobacco and services, according to the report.

The year-on-year September decrease in CPI was lower than the 0.1% drop predicted by London-based emerging markets economists, Hungarian news agency MTI reported yesterday.

Economists at Goldman Sachs had said they expected a headline annual CPI rate of -0.1%, driven by falling oil prices and "a relatively stable forint" which has traded in a narrow range since June, MTI reported. JP Morganʼs London-based analysts also said they expected a -0.1% year-on-year headline CPI rate for September, MTI added.

In year-on-year terms, food prices rose by 0.8%, KSH data suggest. The price rise of alcoholic beverages and tobacco was 3.9%, while services and consumer durables saw a 2.0% and 1.5% average price rise, respectively. The prices of electricity, gas and other fuels were reported down by 2.7% on average, and within this, the price of electricity dropped by 5.6% and that of purchased heat by 3.4%. Consumers paid 6.9% less for other goods – including household and pharmaceutical products, motor fuels and recreational goods – and within this, 17% less for motor fuels, KSH said.

In month-on-month terms, CPI saw a drop of 0.6%. Food prices reportedly fell by 0.2%, while the prices of alcoholic beverages and tobacco rose by 0.1%. The prices of services were reduced by 0.6%, and within this, recreational services cost 5.3% less. The prices of other goods decreased by 2.3% in the average, and – in this group – those of motor fuels reportedly dropped by 5.1%.

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