Hungarian annual inflation accelerated to 7% in May from 6.6% recorded in April due to significant rise in food prices, the statistical office said Wednesday. Economists had expected annual inflation to increase slightly to 6.7%. The current rate is the highest since January 2008, when the rate of inflation stood at 7.1%. Meanwhile, the seasonally adjusted core inflation was 5.9% in May.
On an annual basis, food prices increased 13.1% and in the utility sector, prices went up 11.3%. Prices of alcoholic beverages and tobacco increased 5.4% and that of services grew 5%.
On a monthly basis, the consumer price index, rose 1.1%, quicker than 0.3% rise seen in April. In the first five months of the year, the average increase of prices was up 6.9% year-on-year.
Meanwhile, the Harmonized Index of Consumer Prices, or HICP, rose 0.9% month-on-month and 6.9% year-on-year.
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