MNB: fuel and food accelerated inflation in April

By: Trademagazin Date: 2024. 05. 10. 13:48

The annual consumer price index rose by 0.1 percentage point in April compared to the previous month. Fuels contributed 0.3 percentage points and foodstuffs 0.2 percentage points to the increase in inflation, which was partially offset by the 0.3 percentage point inflation-reducing effect of industrial goods, the Magyar Nemzeti Bank (MNB) concluded in its Friday analysis of the latest statistical data.

In April, inflation was in the middle of the forecast band of the MNB’s March Inflation Report, while core inflation was in the lower half of the forecast band, the central bank noted. Annual core inflation decreased by 0.3 percentage points, within which industrial goods supported disinflation.

The annual indicators calculated by the MNB, which capture more permanent inflationary trends, also moderated. The inflation of products with rarely variable prices decreased by 0.3 percentage points, and the annual increase of core inflation calculated without processed food by 0.5 percentage points compared to the previous month.

In a shorter base (annualized 3-month/3-month) comparison, core inflation and inflation rose in April as a result of the increase in fuel prices and retrospective repricing of certain market services.