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Inflation Could Reach 9.2% by End-2023, Moody’s to Review Hungary’s Sovereign Credit Rating

HUNGARY
  • Hungary recorded a EUR168m trade deficit in December, down from EUR1.395b in November, according to a second reading of data released this morning. The December shortfall was estimated at EUR154m in the first reading. Exports grew by an annual 12.1% while imports were up 9.8%.
  • Inflation could fall to 9.2% by the end of 2023, Finance Minister Mihaly Varga said at a talk organised on Thursday cited by MTI. Varga said energy prices are falling, while a recovery has started on Hungary's export markets, supporting disinflation. The government has said it aims to bring inflation down to "the single digits" by year-end.
  • Moody’s is scheduled to review Hungary’s sovereign credit rating after trading hours today. Their rating assessment of Hungary currently stands at Baa2, the second-lowest investment grade score, with a stable outlook. In January, S&P lowered Hungary by one step to BBB-, while Fitch cut the outlook on its BBB rating to negative from stable.
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