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City expects broadly flat Hungary CPI from last month

Hungary's consumer inflation is likely to have remained flat, or possibly edged up slightly last month, London-based emerging markets analysts said ahead of the data release, due on Friday.

Polled by Econews in London, analysts at nine major investment banking groups and financial consultancies - TD Securities, 4cast, JP Morgan, BNP Paribas, Barclays Capital, Goldman Sachs, Moody's Analytics, Capital Economics, UBS - ranged narrowly from 4.2% to 4.4% in their forecasts, averaging at 4.26%.

Year-on-year headline inflation was 4.2% in October after a 3.8% reading in September.

City-based analysts at JP Morgan said before the Friday data release that Hungary's CPI inflation likely held at 4.2% yr/yr in November as a further rise in food inflation was offset by a sharp decline in fuel price inflation, driven by base effects.

Barclays Capital, however, predicted a pick-up to 4.4% in the annual inflation rate, saying that “higher food prices and the weaker HUF keep inflation higher than we earlier forecast.” (MTI – Econews)