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Headline Inflation Falls Below 10% for First Time in 18 Months

HUNGARY
  • Hungarian CPI dipped below 10% y/y for the first time in 18 months. Consumer prices rose 9.9% from a year earlier in October after increasing 12.2% in September, below expectations of a larger 10.4% print. Prices declined 0.1% on a monthly basis, while core CPI fell to 11.0% from 13.1%. Food prices grew by an annual 10.4% in October while household energy prices fell by 16.1%.
  • Hungary strongly opposes starting EU membership talks with Ukraine or sending taxpayer money to support its war efforts, Prime Minister Orban said, warning the issues can’t be linked to funding for his country that’s been withheld by the bloc’s executive. “The EU owes Hungary money,” Orban said Friday in his weekly radio interview. “The rejection of European Union membership talks with Ukraine on Hungary’s part won’t be a matter of bargaining.”
  • Orban also said the government would commit to restoring economic growth in 2024, and that GDP would stagnate at "0pc or perhaps even lower" in 2023. "What we can commit to in 2024, and achieve, too, is restoring economic growth," he said.
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