MNB underlying inflation indicators change slightly

Food

The three of the National Bank of Hungary's "underlying measures of inflation" changed only minimally in December, the Hungarian central bank said today. The indicator for core inflation, excluding indirect tax effects, was slowed further, to 1.1% in December from 1.2% in November. The indicator for demand-sensitive inflation, which excludes processed foods from core inflation, stayed unchanged at 1.6%.

The indicator for sticky price inflation, which includes items for which retail prices vary, on average, no more than 15% a month, rose to 2.2% in December after staying at 2.1% in the previous two months.

All gauges remained well above the headline CPI which showed that consumer prices in Hungary fell 0.9% year-on-year in December. The decline accelerated from a 0.7% drop in November. Seasonally-adjusted core inflation, calculated by the Central Statistics Office, reached 0.8%.

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