It's first year in English, yeah. And for the most part I think that's a great rule. Most Hugo voters are English-speaking, after all; we shouldn't render stories de facto ineligible just because it takes them a year or two to come out in translation. But I have to admit I'm not all that comfortable applying it to things like "The Man Who Buried Himself," which was originally published in 1908. I dunno. I like my Hugo votes and noms going to authors who are still alive to appreciate it, you know?

Uh, and on further investigation "The Man Who Buried Himself" has a 2008 English translation listed in Worldcat, so it's not eligible anyway. But the same thoughts mostly apply to The Red Loaf (originally published 1951).