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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
HUNGARY
MNI (London)
HUNGARY JUL CPI +2.3% M/M (FCST +1.5%); JUN +1.5% M/M
HUNGARY JUL CPI +13.7% Y/Y (FCST +13.0%); JUN +11.7% Y/Y
- Hungarian headline inflation saw a significant 0.7pp forecast beat in the July data, jumping 2.0pp to 13.7% y/y. This is the highest reading since the Summer of 1998.
- Food prices accelerated by 27.0% and consumer durables by 14.0%. Hungarian food prices have experienced significant pressure from the effects of the Ukraine war, with bread prices up over 57.9% y/y alone.
- The EUR/HUF high of 416.89 in July likely added pressure to price acceleration, with core inflation surging 2.9pp to 16.7% y/y in July.
- Today's inflation surprise comes ahead of the August 30 meeting, where the NBH is likely to hold steady for the time being following the July 100bp hike.
Source: Hungarian Central Statistical Office
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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