CPI-inflation in December: A big drop by the headline rate and a small increase in core rates

HUNGARY - In Brief 12 Jan 2018 by Istvan Racz

Headline CPI-inflation came out at 0% mom, 2.1% yoy in December, the yoy rate down from 2.5% yoy in the previous month. The actual was just 0.1 percentage point below consensus, which we shared, due to a minor surprise presented by fuel prices, which fell by 1.2% mom at the retail level, despite only 0.4% decrease by wholesale prices.CPI-Inflation Broken Down to Fuel and Non-Fuel Items (yoy changes in %)Data from 2018 represents own forecastsSources: KSH, own estimates and forecastMore importantly, the yoy rate of fuel price inflation fell from 5.9% to 0.5% in December, whereas non-fuel inf...

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