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Cabinet to Discuss Potential Intervention in Fuel Prices

HUNGARY
  • Prime Minister Viktor Orban’s cabinet is scheduled to discuss potential government intervention to rein in fuel prices. Note that yesterday Economy Minister Marton Nagy said he recommends the government take action on fuel prices, while the Economy Ministry said prices at the pump were up 11pc for petrol and 13pc for diesel compared to a year earlier, contributing 0.6-0.7ppts to headline inflation.
  • Hungary's average gross wages for businesses with at least 5 employees rose 14.1% y/y (Est: +14.3%) in February compared to +14.7% the month prior, according to the Central Statistical Office. The month-on-month figure was unchanged in February versus -7.6% in January. Unemployment rate data for March will cross tomorrow (Est: 4.6%; Prior: 4.6%).
  • Moody's Ratings has affirmed the "Baa3" local and foreign currency long-term issuer ratings of the city of Budapest with a stable outlook, according to its latest report. The rating action reflects Budapest's "significant role in the national economy, declining and manageable debt levels, and adequate budget management amid a challenging operating environment." Moody's added that it expects Hungary's national GDP to grow by 3% in 2024.
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