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Inflation Accelerated in October Despite Emergency NBH Action

  • October CPI data came in ahead of expectations, with Y/Y inflation rising by 21.1% vs. Exp. 21.0%, and the monthly rate climbing to 2.0% against forecast 1.6%. The release showed food prices growing at a clip of 40% Y/Y and the household energy category by 64%. Core inflation was higher by 22.3%. Meanwhile, prelim September trade balance improved to record a deficit of 652mln (Prev. deficit of 1.58bln).
  • On EU funding, development minister Navracsics stated the government has “every chance” of signing deals with Brussels before the end of 2022, which should unlock cohesion and recovery funding across the EU.
  • Posting on his Facebook page, the Hungarian finance minister sees a HUF 101.3bln national surplus across October.
  • NBH minutes are due at 1300GMT / 0800ET, covering the unchanged decision on October 25th.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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