MNI China Daily Summary: Monday, July 29

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CPI Rises an Expected 25.4% y/y, Matolcsy Says Cen. Bank at Odds With Government

HUNGARY
  • Consumer prices in Hungary rose by an expected 25.4% y/y in February, slowing for the first time in more than a year, data released this morning showed. The monthly figure rose 0.8% (Est: 0.9% m/m) with the core figure recording a 25.2% yearly increase. Services rose an annual 1.0%, down from 2.3% in January. Food prices rose 43.3%, decelerating for the second month in a row, while household energy prices increased 49.0%.
  • Comments from NBH Governor Matolcsy are crossing wires this morning. He has commented that food prices have ended up boosting inflation, and that the central bank is at odds with the cabinet on policy. EURHUF ticked above the 380.00 level in response, with the comments a further sign of the growing rift between the central bank and government officials, who have called for rate cuts as soon as possible, while the NBH have opted for a “cautious” approach to tackling inflation.
  • Speaking in an interview to news website Index, finance minister Varga said that Hungary can finance itself and its investments even if it doesn’t receive development funds from the EU. Varga added that the government’s goal is to lower its GDP-to-debt ratio to below 70% this year.
  • Budget balance data is on the docket at 1000GMT/1100CET. There are no speaker events scheduled for the remainder of the day, with Prime Minister Orban, Finance Minister Varga and Economy Minister Nagy set to speak on the economy on Thursday.
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