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Headline Inflation Edgers Higher to +3.7% Y/Y in April

HUNGARY
  • Hungary’s headline inflation rate edged higher from +3.6% y/y in March to +3.7% in April, breaking a 14-consecutive month disinflationary trend. The reading was in-line with analyst expectations. Month-on-month, prices rose 0.7% (Est: +0.7%) compared to +0.8% prior. Note that the NBH had flagged that a temporary rise in inflation in the middle of 2024 is likely due to the retrospective pricing of market services and base effects.
  • Among the CPI sub-categories, food prices rose 1.0% y/y in April, household energy prices fell 4.5% (albeit from a high base), while consumer durable prices edged down 1.7%. Core inflation stood at +4.1% y/y (Prior: +4.5%).
  • Overnight, the Foreign Ministry in Beijing said in a statement China and Hungary signed an MOU on enhancing financial cooperation, one of 18 agreements struck during President Xi Jinping’s visit. The other deals include strengthening economic and trade cooperation, and green investment.
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  • Hungary’s headline inflation rate edged higher from +3.6% y/y in March to +3.7% in April, breaking a 14-consecutive month disinflationary trend. The reading was in-line with analyst expectations. Month-on-month, prices rose 0.7% (Est: +0.7%) compared to +0.8% prior. Note that the NBH had flagged that a temporary rise in inflation in the middle of 2024 is likely due to the retrospective pricing of market services and base effects.
  • Among the CPI sub-categories, food prices rose 1.0% y/y in April, household energy prices fell 4.5% (albeit from a high base), while consumer durable prices edged down 1.7%. Core inflation stood at +4.1% y/y (Prior: +4.5%).
  • Overnight, the Foreign Ministry in Beijing said in a statement China and Hungary signed an MOU on enhancing financial cooperation, one of 18 agreements struck during President Xi Jinping’s visit. The other deals include strengthening economic and trade cooperation, and green investment.