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Ecostat predicts inflation rate to rise to 6.9% in November

Hungary's inflation rate is likely to begin increasing in July-August as a result of the July 1 increase in VAT and the low base beginning in September, rising to 6.9% yr/yr by November, research institute Ecostat reported in its fresh forecast.

Ecostat said that producer prices are likely to rise 5% yr/yr in November.

Retail sales are expected to decline at a lower rate during the period, falling 2.4% yr/yr in volume terms in November.

Industrial output is expected to decline 10.3% yr/yr in November, as domestic sales are expected to drop 3.8% yr/yr and export sales to fall 13.7% yr/yr during the month.

Public sector wages are expected to decline by 5% yr/yr in November as a result of a high base stemming from one-off payments in November of last year, while private sector wages are expected to rise 3.9% yr/yr during the month. (MTI – Econews)