Inflation surpassed the target level in June, as expected

HUNGARY - In Brief 10 Jul 2018 by Istvan Racz

CPI-inflation rose further to 3.1% yoy in June, from 2.8% yoy in May. This was exactly the number we predicted and also fell in line with market expectation (Portfolio.hu's poll averaged at 3.2%). There was certainly no great magic in making that short-term forecast: the monthly increase in fuel prices (+3.2%) could be largely calculated from wholesale price data, and adding June's usual 0.1% mom non-fuel inflation, one is already at the actual headline rate.Inflation and core inflationNote: Yoy rates in %; Sources: KSH, MNBPerhaps more interesting is the fact that while core inflation rema...

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