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Financial News: Hungary Inflation Lowest Since 2018; Trade Balance Swings

Hungary Inflation Lowest Since 2018; Trade Balance Swings To Deficit

06/09/2020 - 06:41:00 (RTTNews)

(RTTNews) - Hungary's consumer price inflation eased to the lowest level in more than two years in May, data from the Hungarian Central Statistical Office showed on Tuesday.

Another report from the statistical office showed that the trade balance swung to a deficit in April due to a notable fall in exports.

The consumer price index rose 2.2 percent year-on-year in May, after a 2.4 percent increase in April. Economists expected the rate to remain at 2.4 percent.

The latest inflation was the lowest since March 2018, when it was 2.0 percent.

Price increases were measured for food as well as alcoholic beverages and tobacco. The deceleration was mostly due to a more moderate rise in services prices compared to last year, the agency said.

Price for food grew 8.4 percent annually in May. Prices of alcoholic beverages and tobacco, and services rose by 6.7 percent and 2.6 percent, respectively.

On a month-on-month basis, consumer prices increased 0.4 percent in May, after a 0.6 percent fall in the prior month.

Core consumer prices rose 4.0 percent annually in May and increased 0.1 percent from the previous month.

The EU measure of harmonized index of consumer prices, or HICP, rose 2.2 percent annually and gained 0.4 percent from the prior month.

The trade balance registered a deficit of EUR 611 million in April versus a EUR 229 million surplus last year.

A decline was observed in both directions of external trade in goods compared to last year due to the impact of coronavirus epidemic, the agency said.

Exports fell 37.1 percent year-on-year in April, following a 7.5 percent decrease in March.

Imports decreased 28.4 percent annually in April, following a 4.2 percent fall in the preceding month.

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