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Industrial Production Decelerated Sharply to 0.6% YoY In August

HUNGARY
  • Today, Central bankers including Peter Gottfried and Gyula Pleschinger discuss the pros and cons of Hungary's long-mulled euro entry (BBG).
  • This morning, economic data showed that retail sales increased by 4.1% YoY in August (vs. 2.8% exp), while industrial production decelerated sharply to 0.6% YoY (vs. 3.9% exp.), down from 10.2% the previous month.
  • Last week, NBH Deputy Governor Virag mentioned in a conference in Warsaw that the monetary tightening campaign was 'far from the end' and that the central bank will continue to hike by 15bps in the coming months.
  • Last month, NBH Governor Gyorgy Matolcsy called the soaring inflation a 'public enemy', implying that the central bank is likely to continue to tighten until inflationary pressures ease.
  • With the NBH expected to raise by 15bps at each of the last three meetings in 2021, it would raise the benchmark to 2.1% by the end of the year.
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