Hungary’s consumer price inflation accelerated for a fourth straight month in June and breached the central bank’s target of 3 percent for the first time since early 2013, figures from the Hungarian Central Statistical Office showed Tuesday.
The consumer price index rose 3.1 percent year-on-year after a 2.8 percent increase in May. The climb was in line with economists’ expectations.
Motor fuel and tobacco registered significant price increases, the agency said. Food prices rose 3.4 percent.
Inflation exceeded the Magyar Nemzeti Bank’s 3 percent target for the first time since January 2013, when it was 3.7 percent.
The central bank expects the inflation rate to decline again amid the fading of the direct impacts of the rise in oil prices.
The rise in underlying inflation is expected to ensure that from mid-2019 inflation will reach the 3 percent target in a sustainable structure.
On a month-on-month basis, the CPI moved up 0.3 percent from May, when it rose 0.6 percent. Economists had forecast a 0.4 percent increase.
The core CPI rose 2.4 percent year-on-year and 0.3 percent from the previous month.