Hungarys CPI up by 4.2% y/y in Nov.

By bne IntelliNews December 13, 2010
Hungarys CPI increased by 4.2% y/y in November, same as the previous month, the statistics office reported. The inflation rate was driven mostly by electricity, gas and other fuels (7.9% y/y), food (5.9% y/y) and other goods, including motor fuels and lubricants (5.4% y/y). Other segments with growing prices were alcoholic beverages and tobacco (4.6% y/y) and services (2.9% y/y). Prices of clothing and footwear and of consumer durable goods declines by 0.7% y/y and by 1.7% y/y, respectively. The monthly CPI increased by 0.3% m/m in November, slightly below the 0.4% m/m inflation in October. The monthly dynamics in particular was affected by the 1.1% m/m hike of food prices, clothing and footwear (0.5% m/m) and other goods (0.3% m/m, including a 0.4% m/m hike in the prices of motor fuels and lubricants), consumer durables (0.1% m/m) and electricity, gas and other fuels (0.1% m/m). Deflation was observed in alcoholic beverages and tobacco (minus 0.2% m/m) and services (minus 0.2% m/m). On an aggregate basis, the CPI rose by an average of 4.9% y/y in January-November. The inflation data proved pessimistic the projections of the central bank that soaring food prices and the transfer of the crisis taxes on to end-consumers would exert strong inflationary pressures, which also made the bank raise the key base rate by 25bps to 5.25 in end-November for the first time in two years. The central bank has set as a mid-term target a 3% inflation rate.

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