Core CPI (excl. energy and food) in Hungary

This is Hungary's core consumer price index, measuring the change in the prices of the consumption basket while excluding its most volatile components, energy and food. It is published by the Central Statistical Office (KSH) and reflects the underlying trend of inflation.

It is calculated in the same way as the headline CPI (a regular price survey weighted by the consumption basket), but stripping out the energy and food groups, whose prices show high seasonal or short-term variability. It is reported as year-on-year (YoY) and month-on-month (MoM) changes.

By removing the most erratic components, it gives a cleaner read on underlying inflationary pressures, so the National Bank of Hungary (MNB) watches it closely to steer monetary policy. A reading persistently above target supports higher rates and the forint.

By excluding energy and food, it does not capture the real cost households face when those prices rise sharply, so it should be read alongside the headline CPI. The KSH may adjust the basket weights each year.