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CPI Accelerates 25.7% y/y on Higher Food, Energy Prices

  • Hungarian CPI rose 25.7% y/y, above expectations of a 25.2% expansion (Prior: 24.5% y/y). The monthly figure rose 2.3% (Exp: 1.9%, Prior: 1.9%). Food prices were up an annual 44% in January, while household energy prices increased by 52.4% after the fuel price cap was scrapped late last year. Core inflation rose an annual 25.4%. Prime Minister Orban, as well as sell-side analysts, have been anticipating inflation to peak in February/March and therefore expectations of disinflation beginning at end-Q1 remain intact for now.
  • Prime Minister Viktor Orban reaffirmed Hungary's commitment to providing Ukrainians with humanitarian aid, MTI report, but said the country won't deliver any weapons in a Facebook post late Thursday. This follows an EU summit in Brussels at which Orban and Ukrainian Pfresident Zelensky both participated.
  • There are no other major economic releases or speakers scheduled today.

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