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Government Predict November Inflation Could Slow to Below 10%

HUNGARY
  • CPI came in softer than forecast at 0.4% M/M vs. Exp. 0.5% (Prev. 0.7%), Y/Y 12.2% vs. Exp. 12.4% (Prev. 16.4%). This marked the eighth consecutive sequential slowdown in inflation, with food price inflation dropping to 15.2% from 19.5% in the prior month.
  • Household energy remains a key driver of disinflation, with prices declining by 14.6%, driven by gas largely, which dropped 33.5% from a year prior.
  • The economy ministry stated the data was evidence of the government's success in fighting inflation, predicting CPI may slow to below 10% in November.
  • Local press continues to focus on yesterday's news that the Hungarian banking sector have reportedly given in to pressure to introduce rate caps on both corporate and retail lending on a temporary basis, under pressure from the government and under threat of potential bank levies. As of yesterday, banks are setting a 12% cap on working capital loans for business and an 8.5% cap on home lending. Economy minister Nagy described the move as supportive of the economic recovery.
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