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KSH notes remarkably slight rise in inflation for June

EU

The Central Statistics Office (KSH) has released its figures on inflation in Hungary, showing a nicely slim increase in inflation in June, both over the previous month and year-on-year from 2012.

For June 2013, prices on consumer goods increased by 1.9% from 2012. KSH attributed the small increase to reduced prices of electricity and fuel; durable consumer goods as a whole became less expensive over the 12 months, while prices on alcohol, tobacco and services increased.

The inflation rate in June 2013 represented a 0.2% increase from May. A price increase of 0.3% was blamed mainly on “4.5% price rise of seasonal food items, i.e. potatoes, fresh vegetables and fruit,” as food prices excluding seasonal food items actually dropped 0.4% month-on-month. Among the bigger price decreases in grocery items were those of eggs (2.7%), edible oils (2.0%), sugar (1.8%), pork (1.3%) and other meat (1.2%).

As a sector, services saw the highest increase in prices at 0.5%, including a big 2.5% rise in prices on recreational services.

Among the other goods (including household products, pharmaceuticals, motor fuel and recreational goods), prices increased 0.4%, with motor fuel rising 0.8%.

Year-on-year, food prices grew by 4.1% at a rate higher than the average, with substantial increases in price from 2012 to 2013 on seasonal food items (21.3%), flour (12.7%), pasta products (4.5%), pork (4.5%) and poultry (3.9%). The biggest prices decreases here were seen in eggs (11.7%) and sugar (4.9%).

Higher than average price increases were also seen in alcohol and tobacco (8.8%), refuse disposal (7.6%), local transport by (5.3%) and services. For other goods, an overall price rise of 0.1% was seen, with decreases in prices of electricity and fuel (8.7%) and motor fuel (2.8%) most significant.

According to official European Union statistics, annual inflation among member nations was 1.6% in May 2013 compared to May 2012. The lowest rates for the period were seen in Greece (-0.3%) and Latvia (-0.2%), with the highest in Romania (4.4%) and Estonia (3.6%).

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