Surprise, surprise: bad news on CPI-inflation

HUNGARY - In Brief 08 Nov 2018 by Istvan Racz

CPI-inflation for October came out at 0.5% mom, 3.8% yoy this morning, up from 3.6% yoy in the previous month, beating Portfolio.hu's 3.7% yoy analyst consensus (and even more our 3.6% yoy forecast, to tell the truth). KSH's core inflation rose to 2.6% yoy, from September's 2.4% yoy, and non-fuel inflation was 0.5% mom, 2.8% yoy (up from 2.7% yoy in September). Finally, the MNB's three adjusted core inflation measures also rose, to 2.5-3% yoy, from September's 2.4-2.7% yoy.The most worrying part of this army of numbers was the 0.5% mom increase in non-fuel prices, which seems very high on t...

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