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Hungary inflation picks up to 2.6% in August

Hungary inflation picks up to 2.6% in August

BUDAPEST: Consumer prices in Hungary grew by an annual 2.6 percent in August, the Central Statistical Office (KSH) said on Friday. In a month-on-month comparison, prices edged up 0.1 percent from July. Twelve-month CPI picked up from 2.1 percent in July. The CPI harmonised for better comparison with other European Union member states was 2.7pc year-on-year in August. Core inflation, which excludes volatile fuel and food prices, was an annual 2.8 percent, according to seasonally adjusted calculations. The CPI calculated with a basket of goods and services used by pensioners was 2.6 percent. In January-August inflation was 2.4 percent compared to the same period last year. Analysts Péter Virovácz of ING Bank mainly attributed the August acceleration of inflation to base effects. He said CPI could pick up further in September on higher energy prices but will probably slow down again in the remaining months of the year. Gergely Urmossy of Erste Bank forecast annual average inflation of 2.4 percent in 2017 and 3.4 percent in 2018.