Hungary’s consumer prices up 0.1% y/y in March, below expectations.

By bne IntelliNews April 14, 2014

Hungary's consumer prices edged up by 0.1% y/y in March 2014, rising at the same pace as in the previous month, 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 0.2%, slightly faster than the 0.1% m/m rise in February.

As in the previous month, the reading in March was largely due to the government's decision in November 2013 to cut utility prices resulting in a 10% y/y drop in prices of electricity, gas and other fuels.

Prices of consumer durable goods extended their downward trend, falling by 0.2% on the year in March, reflecting continued weak household demand. Prices of clothing and footwear dropped by 0.4% y/y in March, following a 0.2% y/y decrease in February. Prices of motor fuels decreased by 1.1% y/y. Food prices dropped only marginally y/y in March.

On the other hand, prices of alcohol beverages and tobacco products rose by 7.9% y/y, easing from a 8.1% y/y hike in February. Costs of services advanced by 1.8% y/y in March, slower that the 2.1% y/y increase a month earlier.

Consumer prices, % y/y          
  Mar-13 Dec-13 Jan-14 Feb-14 Mar-14
TOTAL  2.8 0.4 0.0 0.1 0.1
Food 4.1 0.1 -0.2 0.0 -0.1
Alcoholic beverages, tobacco 14.8 12.0 10.5 8.1 7.9
Clothing and Footwear  -0.4 -1.1 -0.4 -0.2 -0.4
Consumer durable goods -2.3 -1.6 -0.8 -0.6 -0.2
Electricity, gas and other fuels -7.7 -17.7 -16.9 -10.3 10.0
Other goods incl. motor fuels and lubricants 2.6 0.9 -0.6 -1.5 -1.1
Services  3.5 3.7 3.1 2.1 1.8
Source: KSH          

Related Articles

Hungarian opposition parties seek explanation for secret admission of asylum seekers

Despite its all-out attacks on the EU’s refugee quotas, Viktor Orban's government secretly gave permission for the admission of the same number of asylum seekers to the country in 2017 as ... more

Hungarian president sets date for parliamentary election

President Janos Ader has set April 8 as the date of Hungary's general election, it was announced on January 11. This is the earliest possible Sunday that the ballot can be held under the law. The ... more

Hungarian government backtracks from collecting fines from opposition parties before election

The Economy Ministry on January 10 asked the tax authority to delay collecting fines from opposition parties imposed by the state auditor ASZ to ensure that their pre-election budgets and campaign ... more

Dismiss