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Hungary CPI flat at 4.2% in November

Twelve-month consumer price inflation in Hungary remained at 4.2% in November, after accelerating to 4.2% in October from 3.8% in September, the Central Statistical Office (KSH) said.

Polled by MTI in London, analysts at nine major investment banking groups and financial consultancies ranged narrowly from 4.2% to 4.4% in their forecasts, averaging 4.26%. Analysts polled by Hungarian business daily Napi Gazdaság estimated consumer inflation remained at around 4.2% yr/yr in November.

Prices went up 0.3% from October.

Core inflation after seasonal adjustment went up to 1.9% yr/yr from 1.8% in October, and decreased to 0.2% m/m from 0.3% in October.

Inflation calculated without the effect of tax changes was flat at 3.8% yr/yr and slowed to 0.3% m/m from 0.4% in October.

The harmonized index of consumer prices (HICP), which is calculated for European Union purposes, fell to 4.0% yr/yr from 4.3% in October, and was 0.2% m/m after 0.4% in October.

Food prices were up 5.9% yr/yr in November, accelerating from 5.3% in October. Electricity, gas and other fuels cost more by 7.9% yr/yr, after 6.2% in October. Prices sank at a decreasing rate for clothing and footwear at minus 0.7% yr/yr in November after minus 1.0% in October, while consumer durable goods could be purchased 1.7% cheaper yr/yr in November after minus 2.1% in October. In all other segments, prices rose yr/yr at a slower rate than in October, especially in the "other goods" segment which includes motor fuels and lubricants, where prices were up 5.4% yr/yr in November, after 6.2% in October.

Average CPI for January-November was 4.9%, after 4.2% average annual inflation last year. However, CPI in November last year was 5.2% yr/yr, and 6.4% in January this year. It fell to 3.7% yr/yr by August, the lowest measure this year. (MTI – Econews)