Hungarian headline inflation slowed to an annual +5.5% in December from +7.9% in November, below analysts’ expectations of +6.0%, the Central Statistics Office (KSH) said on Friday.
Core inflation slowed to +7.6% in December from +9.1% in November, below a +7.7% forecast in a Reuters survey. Prices decreased by 0.3% on average from the previous month, the KSH said.
Average inflation for 2023 was +17.6%.
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As of April 2021, the KSH no longer includes alcohol and tobacco prices in its core inflation figure. The National Bank of Hungary targets 3% headline inflation with a tolerance band of a percentage point on either side.
Food prices rose by 4.8% year-on-year, household energy prices fell by 13.9%. Consumer durables prices decreased by 1.0%, with prices of new cars increasing by 2.3%, while services prices rose by 12.4% in annual terms.
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