Hai Thanh Le Phuong

CPI - July CPI – Shows Relief In Inflation Pressure

July inflation was 3.3%, down 0.1pps from a month earlier. Core inflation fell 3.7% from 3.8% a month earlier.


Source: CSO, Concorde

The headline inflation fell marginally hand-in-hand with core prices. The recent slowdown in core inflation was visible in the central bank’s underlying inflation indicators, too. The closely watched net core inflation fell to 3.2% from the peak of 3.7% reached in May, still above the level (3%) described earlier by the MNB as ‘to be watched closely’ regarding its implication for the perseverance of inflation pressure / compatibility with price stability.


Source: MNB

Market services price increase was muted in the last two months, bucking the trend visible in the prior months.


Source: KSH, Concorde

Unprocessed food prices’ inflation rose to 11.7%, from 10.9% on an annual basis, primarily caused by potato and egg prices, implying that the overall pressure in this segment may be transitory given the narrow impact.

We see the August  CPI to rise marginally to 3.5%.

Further risks to the CPI forecast stem from several directions: uncertain future of telco price competition (downside risk); uncertain crude outlook (upside risk), and the potential impact of global energy prices on regulated energy prices.

We forecast average CPI to reach 3.5%, and the yearend forecast is 4.3%





Hai Thanh Le Phuong, CFA
Head of Research


Alkotás Point
50 Alkotás street, H-1123 Budapest.
Phone: | Fax: | Mobil:



This message and its attachments contain confidential information, and their disclosure is restricted by law and the relevant regulations. If you are not the intended recipient, it may be forbidden and illegal to disclose, copy, distribute or use the information in this message. If you are not the intended recipient, please notify the sender immediately and delete this message and its attachments. If you are a client of Concorde Securities Ltd., the standpoints and suggestions described in the message should be interpreted in accordance with the relevant parts of the agreement in effect between us.



Concorde Securities
Concorde Securities

Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.

Hai Thanh Le Phuong

Other Reports from Concorde Securities
Other Reports from these Analysts

ResearchPool Subscriptions

Get the most out of your insights

Get in touch