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Hungary: CPI inflation slowed to 6.7% y/y in March

Fri, Apr 11 2008, 10:14 GMT
by Orsolya Nyeste

Erste Bank der oesterreichischen Sparkassen AG

Consumer prices rose 0.6% m/m in March. The 12-month inflation rate slowed to 6.7% (from 6.9% published for February). The y/y figure proved to be slightly lower than my estimation of 6.9% and was in line with the market consensus. The positive surpise came from food prices, rising by just 0.4% m/m in March. Thus, the main drivers of the March inflation were prices of fuel and clothes, rising by 3.3% m/m and 2.8% m/m, respectively. The latter is due to the usual seasonality in Hungary. Prices of services rose 0.6% m/m. The seasonally adjusted core inflation showed 0.5% m/m increase, while the 12 month core rate remained at its February level of 5.3%. Assessment: the figures are seen as “not bad”, while their structure more or less met expectations. The impact of this CPI figure on the central bank’s monetary policy could be neutral, in my view.

Published on  Fri, Apr 11 2008, 10:17 GMT

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