FLASH: April inflation at 3,4% yoy (vs 2,9% in January and 3,0% in our forecast)
The figures were higher than our estimate and the consensus. The difference was mainly driven by higher than expected increases in administered prices (notably drug and airline tickets) and prices of industrial products, the latter probably being the result of the pass-through from the weaker exchange rate. Food prices were actually lower than we pencilled in. As for the future, we expect inflation to go above 7% by year-end and decrease to 3,5% in December 2010. The central bank's room for manouvre has narrowed as the inflation outlook also became murkier and financial stability concerns are still present. We expect flat rates in May.
Quelle: Informationen von der MKB Bank
Kondrát, Zsolt
Head of Research and Analysis
