FX.co ★ Hungary Inflation At 9-Month Low

Hungary's consumer price inflation slowed to a nine-month low in June, data from the Hungarian Central Statistical Office showed on Friday.

Consumer prices registered an annual increase of 20.1 percent after a 21.5 percent rise in May. A similar slower rate was last seen in September 2022. The rate was forecast to ease to 20.0 percent in June.

Core inflation came in at 20.8 percent, which was also weakest since September 2022. This was below economists' forecast of 21.3 percent and May's 22.8 percent.

Food prices continued to contribute strongly to the annual increase, but the pace of price growth slowed to 29.3 percent from 33.5 percent. Fuel and power prices posted an annual increase of 34.3 percent. On a monthly basis, overall consumer prices gained 0.3 percent, reversing a 0.4 percent drop in May.

ING economists said both headline and core inflation are set to continue to retreat in the coming months. If there are no further price shocks, inflation print would be below 10 percent as early as November, the economist added.