MNB: food prices reduced July inflation

By: Trademagazin Date: 2023. 08. 08. 11:49

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In July, the decline in inflation intensified, inflation slowed by 2.5 percentage points compared to the previous month, annual core inflation decreased significantly by 3.3 percentage points, the Magyar Nemzeti Bank (MNB) pointed out in its statement on Tuesday, also indicating that this was largely due to the the development of food prices contributed.

In its commentary on the latest data on Tuesday, the central bank indicated that processed food (1.3 percentage points) and manufactured goods (0.6 percentage points) contributed the most to the slowdown in inflation. The decrease in core inflation was mainly supported by processed foods, but a wide range of products and services were characterized by a slowdown in price increases, they added.

Compared to June, the prices of unprocessed food decreased by 2.1 percent, and the prices of processed food decreased by 1.4 percent.