MNB today published underlying measures of inflation

Following the Monetary Council’s decision, from February 2013 onwards the Magyar Nemzeti Bank will publish its own measures of underlying inflation with a monthly frequency, at 9:00 am on the first business day following the release date of the consumer price index by the Central Statistical Office.

The consumer price index calculated by the CSO is the general measure of inflation in accordance with international practices. In the case of the consumer price index, the actual figure may reflect the effects of factors that are temporary in nature or reflect relative price changes that do not have a significant impact on the medium-term inflation outlook. These components of the price index may be disregarded in assessing the actual inflationary pressures prevailing in the economy, i.e. in evaluating underlying inflation developments. To assess underlying inflation developments, central banks use the official consumer price index data to create various measures of underlying inflation.

The Bank’s own measures of inflation, which have so far have only been made available on a quarterly basis, in the Quarterly Report on Inflation data set, are expected to improve the transparency of monetary policy decision-making. The charts of the various measures of inflation calculated by the Bank will also be included in the monthly chart pack.

The indicators covered by the data table are the following: the consumer price index (CSO), indirect tax-adjusted core inflation, demand-sensitive inflation and the sticky price inflation index.

The pdf document below contains a methodological description of the Bank’s own inflation measures.

Methodology

Underlying measures of inflation

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Az MNB elsődleges célja az árstabilitás elérése és fenntartása. Az MNB elsődleges céljának veszélyeztetése nélkül támogatja a pénzügyi közvetítőrendszer stabilitásának fenntartását, ellenállóképességének növelését, a gazdasági növekedéshez való fenntartható hozzájárulásának biztosítását és a rendelkezésére álló eszközökkel a Kormány gazdaságpolitikáját.