MNB: the slowdown in the inflation of manufactured goods and foodstuffs offset the increase in the price of fuel in February

By: Trademagazin Date: 2024. 03. 08. 11:19

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The annual consumer price index decreased by 0.1 percentage points in February compared to the previous month; the disinflationary contribution of industrial goods (-0.4 percentage points) and food (-0.3 percentage points) was offset by the inflation-increasing effect of fuels (+0.6 percentage points), the Magyar Nemzeti Bank (MNB) stated in its assessment of the development of consumer prices in February ).

The sharp slowdown in inflation experienced in the past 13 months is caused by the combined effect of the disciplined monetary policy, the government’s steps to strengthen competition, subdued demand, base effects and a significantly lower external cost environment than before, the central bank’s analysis concluded.

The MNB pointed out that both inflation and core inflation were lower in February than the median value of the forecast of the December Inflation Report, which is mainly explained by the more favorable development of food prices, while the core inflation of processed food prices was more favorable than expected.