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Consumer Prices Rise 21.5% y/y (Est: 22.3%)

HUNGARY
  • Hungary’s consumer prices rose a lower-than-expected 21.5% y/y in May (Est: +22.3%) versus 24.0% in April with the core figure seen declining 0.4% (Est: 0.5%; Prior: 0.7%). Core inflation crossed at 22.8%. Food prices rose 33.5%, decelerating from 37.9% prior, while household energy prices increased 37.2%.
  • Hungary's preliminary trade surplus narrowed to EUR308m in April from EUR886m in March, data released this morning showed. Exports rose by an annual 3.4%, while imports were down 4.0%.
  • "Reaching single-digit inflation by the end of the year could mean that central bank interest rates could also be single-digit by the spring of 2024," Minister of Economic Development Marton Nagy said in an interview to local news site vg.hu. He added that the 2024 budget was tight due to surging debt service costs.
  • Prime Minister Viktor Orban called a meeting of the Defence Council early Thursday amid an escalation in the war in Ukraine, the PM's press chief said as per MTI. "Although a ceasefire and peace would be the most important for Hungary, escalating battles are underway in the Ukrainian-Russian war... Hungary's security remains the priority for us," Orban stressed at the meeting.
  • Budget balance data is on the docket later today (1000BST/1100CET).
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