Financial News: Hungary Inflation Climbs To 7-Month High

Hungary Inflation Climbs To 7-Month High

08/08/2024 - 04:13:00 (RTTNews)

(RTTNews) - Hungary's inflation accelerated in July to the highest level in seven months, largely amid higher food costs, the Hungarian Central Statistical Office said on Thursday.

Consumer prices climbed 4.1 percent year-on-year in July, faster than the 3.7 percent rise in June. Economists had expected inflation to rise to 4.0 percent.

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

Data showed that core inflation rose to a 5-month high of 4.7 percent from 4.1 percent a month ago.

Food price inflation quickened to 2.7 percent in July from 1.1 percent in June. Costs for clothing and footwear were 4.2 percent higher versus 4.1 percent a month earlier. Meanwhile, utility costs continued to fall by 4.5 percent.

On a monthly comparison, consumer prices moved up 0.7 percent in July after remaining flat in the prior month.

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