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|
|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|
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