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Hungary to reach 3% “price stability” target by mid-2009 – analysts

  Analysts polled for Monday’s issue of business daily Napi Gazdaság estimated twelve-month consumer prices rose 4.8% in November. They projected Hungary would reach the 3% “price stability” target at the end of first half of 2009.

 

The Central Statistics Office (KSH) will publish November inflation data on Thursday. The latest poll of analysts by Reuters also put November CPI at 4.8%.

Hungary’s twelve-month inflation rate slowed from 6.7% in July to 5.1% in October. The November slowdown was moderated by the first billing following a 6.5% rise in regulated gas prices introduced in October and supported by a slower drop in food prices because of a high base, Erste Bank’s Orsolya Nyeste told Napi Gazdaság.

The National Bank of Hungary projects annual average inflation will fall to 6.2% in 2008 and 3.1-3.4% in 2009. The government forecasts 4.5% CPI for 2009. (MTI-Eco)