Consumer prices up 2.7% in January yr/yr
Friday, February 17, 2006, 14:04
Consumer prices rose by 2.7% year-on-year in January and were up 0.1% from December 2005, the Central Statistics Office (KSH) reported on Thursday. A cut in Hungary's top VAT rate from 25% to 20%, including changes in excise duties and registration tax, reduced the average consumer price level by 1.1% in January, KSH said. Excluding the effect of these tax changes, January consumer prices were up by 4% year-on-year, and by 1.2% from December, KSH added. Seasonally adjusted core inflation slowed sharply in January to 0.5% year-on-year. Monthly core inflation showed a fall of 0.7%. Average annual inflation was 3.6% in 2005 and 6.8% in 2004.