Bloomberg News

Hungary Producer Prices Rise Most in 10 Months on Oil Refining

November 30, 2011

Nov. 30 (Bloomberg) -- Hungarian producer prices, which indicate future inflation trends, rose the most in 10 months in October as costs in oil refining soared.

Factory-gate prices rose 7 percent from a year earlier, matching the January pace as well as the median estimate of eight economists in a Bloomberg survey, the Budapest-based statistics office said today in an e-mail. Prices rose 1.9 percent from September.

The depreciation of the forint, the world’s worst- performing currency in the second half of this year, threatens the central bank’s 3 percent inflation target, policy makers said yesterday after raising the benchmark interest rate to 6.5 percent from 6 percent, the first increase since January.

The manufacturing of coke and refined petroleum products rose 38.7 percent in October from a year earlier after jumping 28.8 percent in September, the statistics office said.

--Editors: Balazs Penz, Alan Crosby

To contact the reporter on this story: Zoltan Simon in Budapest at zsimon@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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