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HUNGARY: NBH Retains Cautious Tone in August Policy Statement

HUNGARY
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

Highlights from the NBH policy statement:

  • Looking ahead, risks surrounding international and domestic disinflation, as well as the volatility in investor sentiment warrant a careful and patient approach to monetary policy.
  • Financial market developments are stable, and the country’s risk perception has improved slightly overall.
  • In the current macroeconomic environment, the Bank can make the most effective contribution to the easing of economic agents’ increased precaution and to the restart of economic growth by achieving price stability and maintaining financial market stability.
  • Volatile financial market developments, the renewed increase in geopolitical tensions and the risks to the outlook for inflation continue to warrant a careful and patient approach.
  • The consumer price index is expected to fall further in September and to rise slightly above 4 percent by the end of 2024.
  • According to the MNB’s projection, annual inflation is expected to be between 3.5 and 3.9 percent this year on average.
  • Hungary’s GDP is expected to grow by 1.0–1.8 percent in 2024, by 2.7–3.7 percent in 2025 and by 3.5–4.5 percent in 2026.

Full release here.

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Highlights from the NBH policy statement:

  • Looking ahead, risks surrounding international and domestic disinflation, as well as the volatility in investor sentiment warrant a careful and patient approach to monetary policy.
  • Financial market developments are stable, and the country’s risk perception has improved slightly overall.
  • In the current macroeconomic environment, the Bank can make the most effective contribution to the easing of economic agents’ increased precaution and to the restart of economic growth by achieving price stability and maintaining financial market stability.
  • Volatile financial market developments, the renewed increase in geopolitical tensions and the risks to the outlook for inflation continue to warrant a careful and patient approach.
  • The consumer price index is expected to fall further in September and to rise slightly above 4 percent by the end of 2024.
  • According to the MNB’s projection, annual inflation is expected to be between 3.5 and 3.9 percent this year on average.
  • Hungary’s GDP is expected to grow by 1.0–1.8 percent in 2024, by 2.7–3.7 percent in 2025 and by 3.5–4.5 percent in 2026.

Full release here.