Macroeconomic Forecast Hungary

Consumer price inflation in Hungary took a slight leg down in September, coming in at 4.9% y-o-y, compared to 5.0% and 5.1% in August and July, respectively. Though utility price inflation spiked higher to 6.4% y-o-y (up from 5.6% in August), disinflation in the food and transport components of the consumer price basket were sufficient to push the headline print lower. Going forward, we forecast inflation coming in at 4.3% and 3.0% by end-2009 and 2010, respectively.

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