Hungarian consumer prices on an unprecedented rise

Consumer prices in Hungary rose by an annual 3.6 percent in September, accelerating from a 3.4 percent increase in the previous month, the Central Statistical Office (KSH) said on Tuesday.

The headline figure – a more than five-year peak – was lifted by higher prices for vehicle fuel, food and tobacco, KSH said. Tobacco prices were raised by an excise tax increase.

Food prices rose by 4.6 percent, including a 21.2 percent jump in seasonal food prices. The price of spirits and tobacco climbed 5.1 percent.

Clothing prices edged up 0.4 percent, household energy prices were up by 1.5 percent and services prices rose by 1.8 percent. Prices in the category of goods that includes vehicle fuel climbed 7.1 percent as vehicle fuel prices rose by 14.9 percent. Consumer durable prices edged down 0.1 percent.

Seasonally-adjusted core inflation, which excludes volatile fuel and food prices, rose by 2.4 percent.

CPI harmonised for better comparison with other European Union member states was 3.7 percent.

Calculating with a basket of goods and services used by pensioners, CPI was 3.3 percent.

Excluding the effect of tax changes, consumer prices rose by 4.0 percent.

In a month-on-month comparison, prices edged up 0.3 percent. Food prices rose by 0.5 percent, spirits and tobacco prices rose by 0.7 percent mainly on the higher excise duty, and clothing prices rose by 2.1 percent as the summer sales were over. Household energy prices increased by 0.3 percent, and vehicle fuel prices rose by 1.3 percent.

The price of services dropped by 0.4 percent.

For the period January-September, consumer prices were up by 2.7 percent year-on-year.

Source: MTI