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Investing.com -- Hungary’s consumer prices saw a slight rise of 0.2% month-on-month in April, leading to a 12-month headline rate of 4.2%, a decrease from the 4.7% published in March. Core inflation also decelerated to 5% year-on-year. The inflation in April was primarily influenced by a reduction in food prices due to government measures and a drop in fuel prices.
Despite the government’s price-reducing measures, the rate of inflation decline was slower than anticipated, suggesting that the underlying price pressure in the economy remains robust. Food prices saw a drop of 1.3% month-on-month, although this was less than the predicted 1.8% decrease.
Various food products including margarine, milk products, flour, butter, milk, edible oil, other meat preparations, cheese, poultry meat, sugar and pork saw a significant monthly price drop.
However, this decrease was somewhat counterbalanced by a rise in the prices of other food items such as chocolate and cocoa, buffet products, non-alcoholic beverages, rice, pasta products, rolls, and bread. There was also a notable monthly price increase of 1.3% for alcoholic beverages and tobacco.
Unexpectedly, household energy prices saw an 8.3% month-on-month increase as reported by the CSO, with gas prices being the main contributor. Service inflation remained high, with a 0.8% month-on-month rise in prices. Fuel prices, on the other hand, decreased by 1.4% month-on-month.
Erste Bank (VIE:ERST) stated, "All in all, uncertainties remain significant even in the short term. Overall, we now see that the likelihood of achieving the government’s 4.5% forecast for this year has increased as a result of the above measures.
However, given that a wide range of price control measures are likely to lead to suppressed inflation, this implies a higher inflation rate in the medium term. There is an increasing likelihood that inflation will remain above the tolerance range even in 2026."
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