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June CPI climbs to 11.7 percent

Consumer prices in Hungary rose by an annual 11.7 percent in June, accelerating from 10.7 percent in May, the Central Statistical Office (KSH) said on Friday.

The KSH data show food prices rose by 22.1 percent as the price of poultry climbed 37.1 percent, bread prices by 39.7 percent and milk prices by 24.9 percent.

The government capped prices for a number of staples, including pork, cooking oil and flour, at mid-October levels from February 1 in an effort to dampen inflation.

Prices of spirits and tobacco products increased by 7.3 percent. Clothing prices rose by 4.3 percent, consumer durables by 12.4 percent and household energy prices by 1.6 percent. Service prices increased by 5.6 percent.

Core inflation, which excludes volatile fuel and food prices, was 13.8 percent.

Month on month, CPI was up 1.5 percent.

In its latest quarterly Inflation Report, released late in June, the National Bank of Hungary (NBH) said CPI may peak “in the autumn months”.

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