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HUNGARY: Inflation Slows to +3.4% Y/Y in August, Below Expectations

HUNGARY
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion
  • Hungary’s inflation slowed more than expected, falling from +4.1% Y/Y in July to +3.4% in August (Est: +3.6%). Prices were unchanged month-on-month, while core inflation rose an annual 4.6%.
  • In a breakdown of the data, the Hungarian Statistics Office said a price increase of 2.4% Y/Y was recorded for food (including +27.7% for flour), household energy prices fell 4.3% and services became 9.5% more expensive.
  • The lower-than-expected print will provide the central bank greater room to resume its easing cycle, with Economy Minister Marton Nagy saying on Monday that inflation concerns were overdone as price-growth has been “defeated” for good. The NBH noted in its previous policy statement that the scope for further cuts depends on the expected interest rate policies of the world’s leading central banks.
  • Among sell-side, rate cuts are widely expected to resume this month at the meeting on Sep 24, by which point a Fed easing cycle will have likely begun and updated inflation forecasts will be provided.
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  • Hungary’s inflation slowed more than expected, falling from +4.1% Y/Y in July to +3.4% in August (Est: +3.6%). Prices were unchanged month-on-month, while core inflation rose an annual 4.6%.
  • In a breakdown of the data, the Hungarian Statistics Office said a price increase of 2.4% Y/Y was recorded for food (including +27.7% for flour), household energy prices fell 4.3% and services became 9.5% more expensive.
  • The lower-than-expected print will provide the central bank greater room to resume its easing cycle, with Economy Minister Marton Nagy saying on Monday that inflation concerns were overdone as price-growth has been “defeated” for good. The NBH noted in its previous policy statement that the scope for further cuts depends on the expected interest rate policies of the world’s leading central banks.
  • Among sell-side, rate cuts are widely expected to resume this month at the meeting on Sep 24, by which point a Fed easing cycle will have likely begun and updated inflation forecasts will be provided.