Financial News: Hungary Inflation Eases To 3.4%, Lowest In 42

Hungary Inflation Eases To 3.4%, Lowest In 42 Months

09/10/2024 - 08:35:00 (RTTNews)

(RTTNews) - Hungary's consumer price inflation slowed in August to the lowest level in three-and-a-half years, the Hungarian Central Statistical Office said on Tuesday.

Consumer prices climbed 3.4 percent year-on-year in August, slower than the 4.1 percent rise in July. Economists had expected inflation to ease to 3.6 percent.

The latest inflation was the weakest since February 2021, when prices had risen 3.1 percent.

With this, the inflation has now moved closer to the to the central bank's target of 3.0 percent.

Data showed that core inflation also eased marginally to 4.6 percent from 4.7 percent a month ago.

"The further moderation in inflation was partly due to the stagnation of the average price level on a monthly basis and the high base from last year," Peter Virovacz, a senior Hungarian economist at ING, said.

"The door is now open for a September rate cut by the central bank," the economist added.

Food price inflation moderated to 2.4 percent from 2.7 percent in July. A 4.3 percent continued fall in utility costs also had a dampening effect on inflation.

Meanwhile, costs for services surged 9.5 percent, and those for clothing and footwear were up 4.5 percent.

On a monthly comparison, consumer prices remained flat in August versus a 0.6 percent rise a month ago.

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