Consumer prices in Hungary rose 5.8pc year-on-year in July, accelerating from a 5.6pc increase in June, the Central Statistics Office (KSH) said on Tuesday.

Consumer prices dropped 0.1pc month-on-month in July after rising 0.1pc in June.

Emerging market analysts in London had put the year-on-year headline figure between 5.5pc and 5.7pc.

Hungarian analysts had estimated that consumer prices fell 0.1pc month-on-month in July.

The year-on-year headline figure was lifted by a 7.1pc increase in the price of “other goods”, which includes vehicle fuels, a 6.3pc rise in household energy prices, a 14.1pc climb in alcohol and tobacco prices – lifted by higher excise taxes – and a 6.1pc advance in food prices. Consumer durable prices edged down 0.9pc and service prices were up just 4.1pc.

In a month-on-month comparison, service prices were up 0.8pc and alcohol and tobacco prices rose 0.5pc, but prices in the category that includes vehicle fuel fell 1.0pc, household energy prices were down 0.3pc and food prices fell 0.2pc. Consumer durable prices were flat.

Hungary’s year-on-year CPI harmonised for comparison with other European Union member states was 5.7pc in July.

Core inflation, which excludes volatile food and fuel prices, was a seasonally-adjusted 5.1pc.

Excluding the effects of tax changes, CPI came to 3.5pc.

Calculating with a consumer basket used for pensioners, prices were up 5.8pc.

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