Food Prices Push Inflation Higher in October

Hungary’s consumer price inflation rose an annual 2.9% in October, fueled primarily by an above-average increase in food prices, according to data published by the Central Statistical Office. The annual inflation index was 2.8% in September. Core inflation, which excludes volatile food and energy prices, rose from 3.9% in the previous month to 4% in October, the highest in nearly 80 months, online news portal portfolio.hu said. Food price inflation accelerated to 5.4% on an annual basis, driven by a 15.5% and a 10.8% jump in pork and processed meat product prices, respectively, a 8.1% rise in sugar prices and a 6.7% increase in bread prices. Soaring meat prices are mostly the result of the global swine fever outbreak. October’s inflation figures are unlikely to have a material impact on the central bank’s loose monetary policy, according to portfolio.hu