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          
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