Hungarian Inflation Could Top 25% By Year-End

HUNGARY: Nagy sees inflation topping 25% at year-end

• Speaking in a radio interview, Econ Minister Nagy outlined cabinet’s plans to decide on new food staple price caps in the coming days, with products that have seen prices rise over 40% and produced locally likely coming under the measures. Nagy sees inflation in Hungary peaking at over 25% ahead of year-end.
• Both retail sales and industrial production data came in ahead of expectations this morning, with retail sales higher by 3.0% (vs. Exp. 1.5%) and industrial production higher by 11.6% on the year (vs. Exp. 8.8%).

CZECHIA: The unemployment rate came in unchanged and inline with expectations at 3.5%. Meanwhile, retail sales declined at a slower rate than forecast in September: -5.6% vs. Exp. -7.8%.

• International reserves and FX intervention data are due later today, released at 10am local time (0900GMT).