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Hungary on Track for Single-Digit Inflation by Year-End, Orban Says

HUNGARY
  • Hungary is on track toward cutting inflation to single-digit by the end of the year, though progress “isn’t as quick as desired,” Prime Minister Viktor Orban said in an interview this morning. He added that wage growth is set to surpass the rate of inflation by July-August (April gross wage growth: +15.7% y/y) and signalled he would keep obstructing EU talks on the bloc’s financing because of his views on key issues including funding for Ukraine and migration.
  • Incoming justice minister Bence Tuzson asked Prime Minister Orban to take the remit of issues related to the EU to a different ministry, the politician told state news agency MTI. As justice minister, Tuzson wants to focus on judicial sovereignty. His predecessor, Judit Varga, played a key role in negotiating and implementing judicial reforms requested by the European Commission.
  • Producer prices fell 1.6% m/m in May versus -2% in April, according to data released by the Central Statistical Office this morning. The yearly figure rose 11.2% versus +15.9% in April.
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