September 8th, 2017

Inflation picks up to 2.6% in August

Consumer prices in Hungary grew by an annual 2.6% in August, the Central Statistical Office (KSH) said. In a month-on- month comparison, prices edged up 0.1% from July. Twelve-month CPI picked up from 2.1% in July. The CPI harmonised for better comparison with other European Union member states was 2.7% year on year in August. Core inflation, which excludes volatile fuel and food prices, was an annual 2.8%, according to seasonally adjusted calculations. The CPI calculated with a basket of goods and services used by pensioners was 2.6%. In January-August inflation was 2.4 % compared to the same period last year.

Analyst Péter Virovácz of ING Bank mainly attributed the August acceleration of inflation to base effects. He said CPI could pick up further in September on higher energy prices but will probably slow down again in the remaining months of the year. Gergely Ürmössy of Erste Bank forecast annual average inflation of 2.4 % in 2017 and 3.4 % in 2018. Gergely Suppan of Takarékbank also predicted 2.4 % annual average inflation for this year.

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  • wolfi

    I can’tbelieve these numbers – we’ve seen prices for some food going up 20 or 30% this year. Of course if you only put in potatoes in the index, no meat nor butter …

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