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Financial News: Hungary Inflation Accelerates Further; Trade Deficit Widen

Hungary Inflation Accelerates Further; Trade Deficit Widens

11/09/2022 - 06:41:00 (RTTNews)

(RTTNews) - Hungary's consumer price inflation continued its rising trend in October amid surging food prices and utility costs, while the trade gap widened sharply in September from a year ago, separate reports from the Hungarian Central Statistical Office showed on Wednesday.

Consumer price inflation rose to 21.1 percent in October from 20.1 percent in August. That was almost in line with the 21.0 percent surge expected by economists.

Inflation has been above the central bank's target range of 2-4 percent since March 2021. This was the second time that inflation exceeded 20 percent since 1996.

An increase of 40.0 percent was recorded for food. Due to the changes in regulations on household utility prices effective from August 1, electricity, gas and other fuel prices were 64.4 percent more expensive in October compared to last year.

Consumers paid 14.9 percent more for consumer durables. At the same time, alcoholic beverage and tobacco prices rose by 12.8 percent.

On a monthly basis, consumer prices moved up 2.0 percent, following a 4.1 percent rise in September.

Core inflation advanced to 22.3 percent in October from 20.7 percent a month ago. This was the highest since June 1996 and above economists' forecast of 21.4 percent.

Month-on-month, core consumer prices rose 2.2 percent after climbing 1.7 percent.

The EU measure of harmonized index of consumer prices, or HICP, rose 21.9 percent annually and gained 2.1 percent from the prior month.

The trade deficit widened sharply to EUR 652 million in September from EUR 82.0 million in the corresponding month last year. In August, there was a shortfall of EUR 1.58 million.

Exports grew 28.0 percent year-on-year in September, while imports rose at a faster rate of 33.0 percent.

On a monthly basis, both exports and imports climbed by 15.0 percent and 6.5 percent, respectively.

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