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Financial News: Hungary Inflation At 2-year Low

Hungary Inflation At 2-year Low

05/08/2020 - 05:13:00 (RTTNews)

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

Another report from the statistical office showed a decline in trade surplus due to a notable fall in exports.

The consumer price index rose 2.4 percent year-on-year in April, slower than 3.9 percent increase in March. Economists had expected a 3.8 percent rise.

The latest inflation was the lowest since April 2018, when it was 2.3 percent.

Food prices increased at a faster rate in April, which may have been caused by the effects of the corona virus epidemic, while motor fuel prices decreased as a result of significantly falling oil prices, the agency said.

Price for food grew 8.7 percent annually in April. Prices of alcoholic beverages and tobacco, and services rose by 7.2 percent and 3.0 percent, respectively.

On a month-on-month basis, consumer prices decreased 0.6 percent in April.

Core consumer prices rose 4.3 percent annually in April and increased 0.5 percent from the previous month.

The EU measure of harmonized index of consumer prices, or HICP, rose 2.5 percent annually and fell 0.5 percent from the prior month.

Separate data from the statistical office showed that the trade surplus decreased to EUR 436 million in March from EUR 644 million in last year.

The decline in global demand caused by the Covid-19 pandemic resulted in a substantial deterioration in Hungary's external trade performance, the agency said.

Exports fell 7.3 percent year-on-year in March, after a 4.8 percent increase in February.

Imports decreased 5.5 percent annually in March, after a 1.0 percent rise in the preceding month.

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