Financial News: Hungary's Disinflation Halts In April

Hungary's Disinflation Halts In April

05/10/2024 - 07:18:00 (RTTNews)

(RTTNews) - Hungary's inflation increased for the first time in fifteen months in April, though marginally, the Hungarian Central Statistical Office said on Friday.

Consumer prices climbed 3.7 percent year-on-year in April, slightly faster than the 3.6 percent rise in March, which was the lowest inflation since February 2021.

Further, inflation remained above the central bank's target of 3.0 percent.

Meanwhile, core inflation softened to a 31-month low of 4.1 percent from 4.4 percent a month ago.

Food prices grew at a slightly faster pace of 1.0 percent after rising 0.7 percent in March. At the same time, utility costs were 4.5 percent less expensive.

On a monthly comparison, consumer prices increased 0.7 percent in April versus a 0.8 percent gain in March.

"From a monetary policy perspective, the recent inflation data undoubtedly justifies the central bank's caution regarding interest rate policy," Perter Vivovacz, senior economist at ING, said.

"Interest rate cuts will continue over the next two months, and if favourable market conditions prevail in the coming weeks, they may allow for another 50 bp interest rate cut in May."

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