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HUNGARY: Headline CPI Jumps Outside of Tolerance Range

HUNGARY
CEEMEAEM BulletBulletEmerging Market NewsHungary
  • Hungary’s consumer prices rose 4.6% y/y in December versus +3.7% in November, according to the Central Statistical Office, above expectations of a smaller +4.3% increase. The data took inflation beyond the 4% upper range of policymakers’ inflation tolerance band and exceeded even the latest central bank projections, which had been upwardly revised last month.
  • On a month-on-month basis, prices rose 0.5% (Est: +0.3%) versus +0.5% prior as both food prices and services prices increased 0.4%. For the full year, service prices climbed 6.8%, food prices rose 5.4% while household energy prices edged down 0.5%.
  • Separately, central bank Deputy Governor Barnabas Virag is set to speak at a Euromoney event at 15:15GMT/16:15CET. Debt Agency CEO Zoltan Kurali will also be speaking at the event later today.
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  • Hungary’s consumer prices rose 4.6% y/y in December versus +3.7% in November, according to the Central Statistical Office, above expectations of a smaller +4.3% increase. The data took inflation beyond the 4% upper range of policymakers’ inflation tolerance band and exceeded even the latest central bank projections, which had been upwardly revised last month.
  • On a month-on-month basis, prices rose 0.5% (Est: +0.3%) versus +0.5% prior as both food prices and services prices increased 0.4%. For the full year, service prices climbed 6.8%, food prices rose 5.4% while household energy prices edged down 0.5%.
  • Separately, central bank Deputy Governor Barnabas Virag is set to speak at a Euromoney event at 15:15GMT/16:15CET. Debt Agency CEO Zoltan Kurali will also be speaking at the event later today.