Hungary’s consumer prices edge up 0.1% y/y in February 2014, below expectations.

By bne IntelliNews March 12, 2014

Hungary's consumer prices edged up by 0.1% y/y in February 2014, after remaining flat y/y in January, the statistics office said. The reading was below market expectation for a 0.5% y/y growth. On a monthly basis, consumer prices in the country increased by 0.1% as well, slower than the 0.3% m/m rise in the previous month.

As in the previous month, the readings in February were largely due to the government's decision in November 2013 to cut utility prices resulting in a 16.9% y/y drop in prices of electricity, gas and other fuels.

Prices of consumer durable goods extended their downward trend, falling by 0.6% on the year in February, reflecting continued weak household demand. Prices of clothing and footwear dropped by 0.2% y/y in February, following a 0.7% y/y decrease in January. Prices of motor fuels decreased by 1.5% y/y. Food prices remained flat on the year in February.

On the other hand, prices of alcohol beverages and tobacco products rose by 8.1% y/y, easing from a 10.5% y/y hike in January. Costs of services advanced by 2.1% y/y in February, slower that the 3.1% y/y increase a month earlier.

Consumer prices, % y/y            
  Feb-13 Sep-13 Nov-13 Dec-13 Jan-14 Feb-14
TOTAL  2.8 1.4 0.9 0.4 0.0 0.1
Food 4.1 1.7 0.4 0.1 -0.2 0.0
Alcoholic beverages, tobacco 14.8 10.9 10.6 12.0 10.5 8.1
Clothing and Footwear  -0.4 -0.3 -1.2 -1.1 -0.4 -0.2
Consumer durable goods -2.3 -1.7 -1.8 -1.6 -0.8 -0.6
Electricity, gas and other fuels -7.7 -8.1 -10.3 -17.7 -16.9 -10.3
Other goods incl. motor fuels and lubricants 2.6 0.0 -0.4 0.9 -0.6 -1.5
Services  3.5 3.3 4.0 3.7 3.1 2.1
Source: KSH            
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