Tuesday, June 15We Break the News

Hungary Inflation Rate Surges to Near 8-1/2-Year High of 5.1%, Czech April Inflation Rate Quickens to 7-Month High, Turkey Retail Sales Growth at Decade High, Turkey Retail Sales Growth at Decade High

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Hungary Inflation Rate Surges to Near 8-1/2-Year High of 5.1%
The annual inflation rate in Hungary soared to 5.1 percent in April of 2021 from 3.7 percent in the previous month and above market expectations of 5 percent. It was the highest inflation since November of 2012, as prices advanced faster for transport (16.5 percent vs 7.8 percent in March); housing & utilities (4.1 percent vs 3.4 percent); alcoholic beverages & tobacco (13.6 percent vs 11.7 percent); recreation & culture (1.5 percent vs 1.1 percent); miscellaneous goods & services (3.9 percent vs 3.3 percent); furniture & household equipment (4.1 percent vs 3.4 percent); health (5 percent vs 4.5 percent) and education (3.7 percent vs 3.1 percent). Meantime, cost slowed for food & non-alcoholic beverages (1.7 percent vs 2.1 percent) and restaurant & hotels (3.6 percent vs 3.7 percent). On a monthly basis, consumer prices went up 0.8 percent, following a 0.7 percent gain in March.
Czech April Inflation Rate Quickens to 7-Month High
The annual inflation rate in the Czech Republic rose to 3.1 percent in April of 2021 from 2.3 percent in the prior month and above market expectations of 2.7 percent. It was the highest inflation rate since last September. On a monthly basis, consumer prices were up 0.5 percent, following a 0.2 percent increase in the prior month and beating market consensus of a 0.2 percent rise.
Turkey Retail Sales Growth at Decade High
Turkey’s retail trade jumped 19.2 percent from a year earlier in March 2021, the biggest increase since December 2010, boosted by sales of non-food products (36.9 percent) including textiles, clothing and footwear (63.3 percent), computers, books, telecommunications equipment (37.6 percent), and electronic goods and furniture (25.4 percent). In addition, on-line trade rose 76.8 percent and fuel sales advanced 12.1 percent. Food, drinks and tobacco trade, however, fell 0.8 percent. On a seasonally adjusted monthly basis, retail sales grew 5.1 percent in March, accelerating from 3.6 percent in February.
Sugar Rises Towards 2-Month High
Raw sugar futures traded firmly above 17 cents per lb in May, remaining close to a near two-month high of 18 cents hit at the end of April, amid hopes of a global economic recovery and supply constraints on diminished crop prospects in the European Union and Centre-South Brazil. Meanwhile, persistent weak consumption in India, given the coronavirus-related restrictions in the wake of another wave of COVID-19, capped some upside momentum. Looking ahead, investors see a solid floor at 16 cents and a “fragile” ceiling at 18 cents, as the market has limitations to supply more sugar.
Italy Industrial Output Falls Unexpectedly in March
Industrial production in Italy decreased 0.1 percent from a month earlier in March of 2021, after a downwardly revised 0.1 percent gain in February and missing market expectations of a 0.4 percent rise. Output fell for consumer goods (-1.5 percent vs 2.4 percent in February); while production rebounded for energy (1.8 percent vs -2 percent); intermediate goods (0.5 percent vs -0.5 percent) and investment goods (0.2 percent vs -1.9 percent). On a work-day adjusted year-on-year basis, industrial production jumped 37.7 percent, due to low base effects from last year’s Covid-19 lockdowns.

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