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Improvements in Risk Perception Warrant Temporary Increase in Easing Pace

HUNGARY
Highlights from the policy statement:
  • Over the past few months, disinflation in the Hungarian economy has been stronger than expected, while external and domestic demand pressures remain persistently low. As a result of the improvement in Hungary’s current account balance, the country’s risk perception has improved further despite a volatile global sentiment.
  • According to the Monetary Council, this allows the base rate to be lowered at a temporarily faster pace.
  • Risks surrounding global disinflation and volatility in international investor sentiment warrant a careful approach to monetary policy... In the coming months, decisions on any further reductions in the base rate and their optimal pace will be made on the basis of this information, in a data-driven manner.
  • As inflation moderates, real wages rise and confidence gradually recovers, leading to a recovery in domestic demand, a balanced economic growth is expected in 2024.
  • Inflation will remain close to the upper bound of the tolerance band in the coming months, before rising temporarily in the middle of the year, as in other countries, due to base effects.
Click here to see the full statement.
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