Hungary's Aug CPI slows to 3.1%, below forecast -stats

Credit: REUTERS/LASZLO BALOGH

Hungarian headline inflation slowed to an annual 3.1% in August from 3.3% in July after hitting a seven-year-high of 3.9% in May, while core inflation was flat at an annual 3.7%, data showed on Tuesday.

BUDAPEST, Sept 10 (Reuters) - Hungarian headline inflation HUCPIY=ECI slowed to an annual 3.1% in August from 3.3% in July after hitting a seven-year-high of 3.9% in May, while core inflation HUCPIC=ECI was flat at an annual 3.7%, data showed on Tuesday.

Headline inflation came in below analysts forecasts for 3.2% and core inflation was also a touch below analysts' forecast for 3.8% in a Reuters poll.

The central bank has a 2-4% target range for consumer price inflation.

Seasonal food prices and prices of other foodstuff that are not part of core inflation declined, and that contributed to the slowdown in headline inflation, statistician Peter Quittner said. He also said a July excise tax hike for tobacco products also had an impact on prices in August.

Alcohol, tobacco and food prices increased markedly in the past year, the statistics office said.

Prices dropped by 0.1% percent from the previous month in August.

INFLATION (pct change)

August 2019

July 2019

August 2018

Headline CPI m/m

-0.1

0.2

0.1

Headline CPI y/y

3.1

3.3

3.4

Core CPI y/y

3.7

3.7

2.3

(Reporting by Krisztina Than)

((krisztina.than@thomsonreuters.com))

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