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Consumer Prices Rise 24.5% Y/Y, Shy of Expectations of +25.8%

HUNGARY
  • Consumer prices in Hungary rose 24.5% Y/Y in December (Exp. +25.8%), accelerating from a 22.5% increase in the previous month on higher household energy and food prices, according to data published this morning. The M/M figure rose 1.9% (Exp. +3.0%) from +1.8% prior.
  • Prime Minister Orban’s government signalled readiness to compromise after the EU shut most Hungarian universities out of the bloc’s flagship Erasmus scholarship program, Bloomberg report. Hungary is prepared to loosen political control over universities overseen by so-called public trusts set by Orban in 2021, which critics say are exerting political control over the education system. Note almost $30b in EU funding was frozen last month due to EU concerns over corruption and graft.
  • Nevertheless, Orban said the EU has failed to corner Hungary financially by suspending much of the country’s funding over graft and rule of law concerns. “Hungary has never had as much in financial reserves,” Orban told state radio on Friday, “…we can do without them”.
  • There are no notable speakers or data releases left on the docket today.
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