Hungary’s inflation record-high, trade deficit drastically increasing
Hungary’s consumer price index in October was up an annual 21.1 percent and 2 percent higher month on month, the Central Statistical Office (KSH) said on Wednesday.
Household energy and food prices were the key drivers, increasing by 40 percent and 64.4 percent, respectively. Durable consumer goods prices grew by 14.9 percent, while the price of services rose by 8.3 percent. Core inflation, which excludes volatile fuel and food prices, was 22.3 percent. CPI calculated with a basket of goods and services used by pensioners was 23.6 percent.
Hungary trade deficit narrows to EUR 652 m in September
Hungary posted a trade deficit in September of 652 million euros, according to a first reading of Central Statistical Office (KSH) data published on Wednesday. The gap narrowed from 1.580 billion in August. Exports increased by an annual 27.5 percent to 13.214 billion euros, while imports were up 32.8 percent at 13.867 billion.
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Trade with other European Union member states accounted for 76 percent of Hungary’s exports and 67 percent of its imports during the month. In the January-September period, Hungary’s exports grew by an annual 19.6 percent to 105.132 billion euros, while imports rose by 29.7 percent to 110.839 billion. The trade deficit amounted to 5.707 billion in the period.
Finance Minister: Government successful in taming budget
After a surplus in September, the budget posted a surplus of over 100 billion forints (EUR 248m) in October, the third largest October surplus in the past 20 years, Mihaly Varga, the finance minister, said on Wednesday. Varga said on Facebook the budget posted a surplus of 101.3 billion forints in October.
He added that the government was pursuing fiscal discipline in the face of the “sanctions crisis” while also guaranteeing the scheme to cap energy bills and preserving family benefits as well as the value of pensions.
Source: MTI