KSH: Inflation rate 1.8% for July

EU

The much-anticipated report from the Central Statistics Office (KSH) on consumer prices in Hungary over the past month is now available, with the key figure naturally being the headlined 1.8% inflation rate.

That 1.8% mark was significantly lower than analysts had forecast: Dow Jones Newswires yesterday released information it had collected from six bank economists on inflation in Hungary, reckoning that “Hungarian inflation is set to accelerate year-on-year in July” and foresaw KSH announcing a 2.2% rate. Hungarian business daily Napi Gazdaság essentially confirmed Dow Jones’ numbers, guessing the July inflation rate to be set at 2.1%, and today headlined the figures as a “surprise.”

In addition, the announced rate actually proved lower than the 1.9% reported by KSH in June, and month-on-month consumer prices decreased by 0.3%.

KSH attributed the low annual price increase in part to reduced prices of electricity, fuel and durable goods. The butane and propane gas sub-segment saw the biggest price decrease at 6.8%, while prices on recreational services made the largest jump to 6.8%. Year-on-year, prices on electricity, gas and heating services are down some 10% against July 2012.

KSH also reported that the European Union member states averaged a 1.7% increase for June 2013 year-on-year: Romania (4.5%) and Estonia (4.1%) showed the greatest increases, while the lowest rates were seen in Greece (-0.3%), Latvia (-0.2%) and Poland (-0.2%).

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