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Analysts see Hungary’s CPI remaining over 6%

EU

Analysts said they did not expect Hungary’s mconsumer price inflation to fall under 6% this year after July data showed twelve-month CPI was 6.7%, level with the June figure.

ING Bank's Dávid Németh said a pickup in service price inflation in July was unexpected and contributed to a high 6pc core inflation rate. At the same time, the firmer forint drove down the price of consumer durables and is expected to do the same for clothing prices when the autumn line is introduced, he said.

Raiffeisen Bank's Zoltán Török said further increases to centrally-regulated gas prices would prevent CPI from falling under 6% for the rest of the year. He put average annual inflation at 6.7% and added that the Central Bank (MNB) was unlikely to start cutting rates until 2009. (MTI – Econews)

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