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Morning Summary: April CPI Inflation Expected To Surge To 4.8%

HUNGARY
  • Covid daily new cases continue to decrease with the 7D SMA falling below 1,300 (lowest level since early February), down from 9,300 (March 26 high) and from 1,900 the previous week. The number of people who received at least one dose of the Covid vaccines is approaching 4.3 million (over 40% of the population) this week, which has led to a gradual reopening of the economy.
  • Finance Minister Mihaly Varga told in an interview this morning that Hungary will need to maintain its budget stimulus until 2023 to support the economic recovery. The main issues remain the exchange rate weakness or inflation that could obviously pose challenges for NBH in the coming months.
  • Inflationary pressures are expected to continue to rise in the short term mainly driven by the low base effect, with CPI inflation expected to soar to 4.8% on May 11.
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