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CPI Rises to 21.1% y/y in October

HUNGARY
MNI (London)

HUNGARY OCT CPI +2.0% M/M (FCST +1.6%); SEP +4.1% M/M
HUNGARY OCT CPI +21.1% Y/Y (FCST +21.0%); SEP +20.1% Y/Y

  • Hungarian inflation saw a small upside surprise in the October data, accelerating by +2.0% m/m and +21.1% y/y.
  • Energy and food prices again drove the headline print higher, with food prices jumping +4.3% m/m alone elevated by drought effects. Energy prices expanded by +1.6% m/m, slowing from the September jump related to new regulatory measures.
  • October marks the second consecutive month of core and headline inflation both above 20% (last seen in 1996).
  • In the October meeting, the NBH held rates steady at 13.00%, shifting focus further towards liquidity tenders and FX swap tools as largely anticipated. The NBH sees domestic inflation slowing in H1 2023.

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HUNGARY OCT CPI +2.0% M/M (FCST +1.6%); SEP +4.1% M/M
HUNGARY OCT CPI +21.1% Y/Y (FCST +21.0%); SEP +20.1% Y/Y

  • Hungarian inflation saw a small upside surprise in the October data, accelerating by +2.0% m/m and +21.1% y/y.
  • Energy and food prices again drove the headline print higher, with food prices jumping +4.3% m/m alone elevated by drought effects. Energy prices expanded by +1.6% m/m, slowing from the September jump related to new regulatory measures.
  • October marks the second consecutive month of core and headline inflation both above 20% (last seen in 1996).
  • In the October meeting, the NBH held rates steady at 13.00%, shifting focus further towards liquidity tenders and FX swap tools as largely anticipated. The NBH sees domestic inflation slowing in H1 2023.

Keep reading...Show less