Free Trial

Local Press Flags Reliability Issues With Key Economic Data

HUNGARY
  • Local press Nepszava cast doubt on recent inflation figures, citing analysts in criticising the approach to energy prices in calculating CPI. The piece cites the unusual dismissal of a key statistician in November that specialised in GDP compilation as well as the methodology surrounding energy bills - and in particular the -33.5% Y/Y reading for natural gas prices. The pieces flags that inflation may have been massaged to single digits (9.9% in October), fulfilling Orban's pledge to bring inflation below 10% by year-end.
  • The piece further cites sources in reporting that the removal of a stats official was tied to the reporting of unfavourable economic data in Q2. Sources told Telex.hu that the stats agency received criticism that they were "not assisting the government's work".
  • The finance ministry are set to establish a working group committed to ensuring fiscal discipline, and will hold veto rights over the cabinet in making decisions concerning the budget.
  • Both industrial production and retail sales data came in below expectations (-2.8% vs. Exp. -2.1% Y/Y) this morning, raising further concerns over economic performance across Q4. MNB minutes take focus later today, set for release at 1300GMT/0700ET.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.