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ING Say Hungarian Inflation May Have Already Peaked

HUNGARY
  • ING say Hungarian consumer-price growth may have peaked after accelerating +25.7% y/y in January, above expectations of a +25.2% expansion, on rising food prices (+44%) and household energy prices (+52.4%).
  • ING expect inflation to slow “very moderately” in February and March before disinflation gathers pace from April, helped by base effects. However, while inflation may have peaked, a wage-price spiral creates the risk of persistently high cost-pressures that may prompt the central bank to be “patient” in regard to cutting rates.
  • ING forecast average inflation at 18.5% in 2023.
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