Hungary inflation eases to 4.6 pc in July – UPDATED
Hungarian inflation was an annual 4.6 percent in July, after 5.3 percent in June, the Central Statistical Office (KSH) said on Tuesday.
CPI was driven by higher cigarette, spirits and vehicle fuel prices, with spirits and tobacco prices rising 11.1 percent, lifted by a 18.1 percent increase in tobacco prices. Prices in the category of goods that includes vehicle fuel grew by 8.6 percent, as vehicle fuel prices jumped 19.8 percent.
Food prices were up 3.1 percent, household energy prices edged 0.4 percent higher, consumer durable prices rose by 3.8 percent and clothing prices edged down 0.2 percent.
Core inflation, which excludes volatile food and fuel prices, was an annual 3.5 percent in July.
CPI calculated with a basket of goods and services used by pensioners stood at 4.2 percent.
In a month-on-month comparison, inflation was 0.5 percent.
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UPDATE
Analysts told MTI that whereas inflation had slowed somewhat in July, notable inflationary pressures remained.
Péter Virovácz of ING Bank said easing inflation had been largely due to base effects and there was still significant price growth on a monthly basis.
Gábor Regős of Századvég noted that inflation was still above the target band, and inflationary pressures remained, even if more moderately so.
Gergely Suppán of Takarékbank said
a cycle of interest rate hikes was needed, and the upside risks from second-round effects linked to commodity prices and re-invigorated demand, as well as wage pressure due to labour shortages, were substantial.
Dávid Németh of K and H Bank, said CPI growth was just shy of multi-year highs and it was far from clear that inflationary pressures in the economy had eased.
Source: MTI
Inflation – is a Global Economic Trend.
Inflation – has greater movement in the immediate term – on the up-side – than to see it Rescind/Fall.
The uncertainty of Global Markets – stocks/commodities/financial – as examples, the vulnerability of these markets – they will reflect a REASON – not the complete answer – why globally we will witness Inflation – as a Major Challenge to be confronted by Governments.
This novel coronavirus – has re-shaped the World – that requires us – to do things differently than pre February 2020.
We continue to live Globally in a World – that this novel coronavirus continues to “ravage” attack core fabrics of human life and Society.
Vaccination/Immunization – human life SLOWLY is building a Human Barrier in our fight against this deadly virus – BUT – new strains arrive like Delta and possible others – that will continue the Challenges that will confront/face us.
Vaccination/Immunization – is NOT the end of this novel coronavirus.
It may be the beginning of the end BUT – it is FAR from being the END – that see’s a world – returned to Normality – what ever definition you apply to Normality //.
Life – through this novel coronavirus – will NOT get CHEAPER – which continual global Inflation will be witnessed – that Confirms this to be Fact.
Hungary – we will ride a volatile rocky road going forward – with soft edges that hopefully we do not fall off the edge – into a big deep hole.
Hungary – we are and will be for time – 36 to 48 months – could be longer – CHALLENGED – Financially and Economically – by the World Global Financial Picture.
Are we not or see ourselves as Global Players ???
Hungary – we will see the Global pattern the – “ebb and flow” – that will be dominant in – MARKETS – for at least the next 36 to 48 months – could be longer – which will not reflect – NORMALITY – but a world, still re-adjusting to the – Major Wake up Call – or Message – sent to us by this novel coronavirus.
Pray God – this Virus stays away from our Children – PLEASE.
St Stephen – Please Pray for Us.