Hungary's consumer prices remained unchanged y/y in January 2014, after increasing 0.4% y/y in December 2013, the statistics office said. The reading was below market expectation for a 0.2% y/y growth. On a monthly basis, consumer prices in the country increased by 0.3%, reversing from a monthly drop in the previous three months.
The figures in January 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 0.8% on the year, reflecting continued weak household demand. Prices of clothing and footwear saw a 0.7% y/y fall in January, slightly smaler than December’s drop of 1.1% y/y. Food prices also swung into a 0.2% y/y decline in the month. Prices of motor fuels decreased by 0.6% y/y.
On the other hand, prices of alcohol beverages and tobacco products rose by 10.5% y/y, after a 12% y/y hike in December. Costs of services advanced by 3.1% y/y in January, slower that the 3.7% y/y increase a month earlier.
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