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CPI Jumps 2.0pp to 13.7% in July

HUNGARY
MNI (London)

HUNGARY JUL CPI +2.3% M/M (FCST +1.5%); JUN +1.5% M/M
HUNGARY JUL CPI +13.7% Y/Y (FCST +13.0%); JUN +11.7% Y/Y

  • Hungarian headline inflation saw a significant 0.7pp forecast beat in the July data, jumping 2.0pp to 13.7% y/y. This is the highest reading since the Summer of 1998.
  • Food prices accelerated by 27.0% and consumer durables by 14.0%. Hungarian food prices have experienced significant pressure from the effects of the Ukraine war, with bread prices up over 57.9% y/y alone.
  • The EUR/HUF high of 416.89 in July likely added pressure to price acceleration, with core inflation surging 2.9pp to 16.7% y/y in July.
  • Today's inflation surprise comes ahead of the August 30 meeting, where the NBH is likely to hold steady for the time being following the July 100bp hike.

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HUNGARY JUL CPI +2.3% M/M (FCST +1.5%); JUN +1.5% M/M
HUNGARY JUL CPI +13.7% Y/Y (FCST +13.0%); JUN +11.7% Y/Y

  • Hungarian headline inflation saw a significant 0.7pp forecast beat in the July data, jumping 2.0pp to 13.7% y/y. This is the highest reading since the Summer of 1998.
  • Food prices accelerated by 27.0% and consumer durables by 14.0%. Hungarian food prices have experienced significant pressure from the effects of the Ukraine war, with bread prices up over 57.9% y/y alone.
  • The EUR/HUF high of 416.89 in July likely added pressure to price acceleration, with core inflation surging 2.9pp to 16.7% y/y in July.
  • Today's inflation surprise comes ahead of the August 30 meeting, where the NBH is likely to hold steady for the time being following the July 100bp hike.

Keep reading...Show less