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 | ||||||
| Feb-13 | Sep-13 | Nov-13 | Dec-13 | Jan-14 | Feb-14 | |
| TOTAL | 2.8 | 1.4 | 0.9 | 0.4 | 0.0 | 0.1 |
| Food | 4.1 | 1.7 | 0.4 | 0.1 | -0.2 | 0.0 |
| 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 |
| Services | 3.5 | 3.3 | 4.0 | 3.7 | 3.1 | 2.1 |
| Source: KSH |
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