Daily News Hungary economy

Budapest, November 10 (MTI) – Consumer prices in Hungary rose by an annual 0.1 percent in October, after falling by 0.4 percent in the previous month, the Central Statistical Office (KSH) said on Tuesday.

Emerging market analysts in London had put the October headline figure at 0 percent.

Year-on-year prices were lifted by a 3.7 percent increase in the price of tobacco and spirits, a 1.7 percent climb in food prices, a 1.8 percent rise in the price of consumer durables and 1.7 percent higher service prices. Clothing prices edged up by 0.5 percent, but household energy prices slipped by 0.4 percent and prices in the category of goods that include vehicle fuel dropped by 6.3 percent.

In a month-on-month comparison, prices rose by 0.2 percent. Food prices were up by 0.8 percent and clothing prices rose by 2.3 percent. Service prices inched down by 0.2 percent.

The twelve-month headline figure was 0.2 percent when adjusted for better comparison with other European Union member states.

Seasonally-adjusted core inflation, which excludes volatile food and fuel prices, was 1.5 percent.

Calculating with a basket of goods and services for pensioners, CPI was 0.7 percent.

The economy ministry said the data was in line with European inflation trends, noting that the European Commission had put the annual inflation rate at 0 percent in its autumn projection. Economy ministry deputy state secretary Laszlo Balogh said the ministry had calculated the same rate for Hungary.

Balogh said that Hungary’s moderate inflationary environment and stable prices meant that real wages, pensions and the disposable income of households would also remain stable, leading to higher consumption and ultimately greater economic growth.

Source: http://mtva.hu/hu/hungary-matters

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