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Inflation Accelerates to 22.5% y/y, 1.8% m/m

HUNGARY
  • Hungarian inflation accelerated to one of the EU’s highest levels according to data published this morning. Consumer prices rose 1.8% m/m (Est. +1.6%) in November versus +2.0% in October, according to the Central Statistical Office, while prices rose 22.5% y/y (Est. +22.0%) versus +21.1% in October. The rise in monthly prices was driven by food (+3.6% m/m) and clothing (+1.6% m/m), although both slowed from the October reading. Services and alcohol/tobacco prices both rose at a slightly faster pace this month. The hot inflation print follows a warning by Central bank Governor Matolcsy earlier this week that Hungary is “in a state of near-crisis”.
  • Hungary's preliminary trade deficit widened to EUR1.009b in October from -EUR745m in September, according to the Central Statistical Office. Exports rose 21.0% y/y to EUR12.365bn, while imports increased 25.7% to EUR13.375bn.
  • Elsewhere, Hungary’s parliament has passed the last of the 17 pieces of anti-graft legislation the government has pledged to deliver to the EU in an effort to unblock billions of euros in funds, Justice Minister Varga said on Facebook late Wednesday.
  • NewsBase report that the government has raised the windfall tax paid by MOL from 40% to 95%, lifting state revenues by an estimated EUR292m-316m, according to a government decree issued on Dec 7. The decision comes a day after the cabinet lifted the wholesale and retail price cap on fuel, set at HUF480/litre, after an unprecedented fuel shortage that led to a quarter of all petrol stations of MOL running dry.
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