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HUNGARY HEADLINE INFLATION SLOWS TO 3.4% IN JUNE

 

Hungary’s twelve-month consumer price index stood at 3.4% in June, slowing from 3.9% in May, the Central Statistical Office (KSH) said. In a month-on-month comparison, consumer prices dropped by 0.2% after rising by 0.7% in May.
The twelve-month headline inflation slowed as vehicle fuel prices dropped and part of the excise duty rise on tobacco left the base, KSH department head Péter Quittner said. Tobacco and spirits still rose above the average twelve-month CPI as did food prices. Food prices increased 5.8% in twelve months, including a 17.7% rise of seasonal food prices. And the price of spirits and tobacco climbed 7.1%, with tobacco prices alone rising 9.5%.
Clothing prices and consumer durable prices edged up 1.0% and 0.4%, respectively, and household energy prices rose 1.2%. Prices in the category of goods which includes vehicle fuel were up 0.9% as fuel prices dropped 1.3% from a year earlier. Service prices rose 3.1%. Core inflation, which excludes volatile food and fuel prices, stood at 3.8% in June. Harmonised for better comparison with other European Union member states, CPI reached 3.4%. Calculating with a basket of goods and services used by pensioners, CPI was 3.5%. Excluding tax changes, consumer prices were up 3.2% in June from a year earlier. In a month-on-month comparison, CPI stood at -0.2% in June as food as well as tobacco and spirits prices dropped 0.1% and fuel prices fell 3.7% from May.