MNB: food caused the acceleration of inflation in October

By: Trademagazin Date: 2022. 11. 09. 10:13

In October, the annual inflation rose by 1.0 percentage points compared to the previous month to 21.1 percent, which was mainly caused by the acceleration of food inflation.

Food prices are fueling the inflation

Food contributed 1.2 percentage points to the increase in annual inflation, while the contribution of fuels was negative, due to the base effect, at -0.5 percentage points, the Hungarian National Bank (MNB) stated on Wednesday in its commentary on the latest statistical data.

Compared to the previous month, core inflation increased by 1.6 percentage points. Two-thirds of the increase in core inflation, 1.1 percentage points, was brought about by processed foods.

The monthly price change of the basket calculated without fuel and regulated prices was 2.4 percent, the monthly value of the core inflation calculated without processed food, which better reflects market processes, was 1.6 percent, which is higher than the 1.1 percent revaluation in September, but not reaches the average of the summer months – announced the MNB.

MNB