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Interest Rate Cut “Not on the Horizon”, Deputy Governor Virag Says

HUNGARY
  • Hungary’s inflation warrants “patience” when it comes to the timing of the first cut in key interest rate, the first of which “is not on the horizon”, Deputy Governor Virag told Napi.hu in interview. Virag added that more progress is needed to unlock some $30b of frozen EU funds, and that an improvement in the current account deficit is needed before the key rate can be cut.
  • Click here to see full interview
  • Inflation is expected to start declining from next month and fall into the single digits by the end of the year, Economic Development Minister Nagy said late last Friday as cited by MTI. Nagy said the high inflation rate was a consequence of the war in Ukraine and "Brussels' ill-advised sanctions", adding that the government was working with the central bank to push it down.
  • Hungarian industrial output increased by an annual 2.0% in December, up from 0.6% in November, the Central Statistical Office confirmed on Monday in a detailed reading of data.
  • There are no major economic releases on the docket today ahead of NSA GDP data scheduled tomorrow (Est: +1.2% y/y, Prior: +4.0% y/y).
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