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Morning Summary: April CPI Inflation Soared To 5.1%

HUNGARY
  • Covid daily new cases continue to decrease with the 7D SMA falling below 1,200 (lowest level since early February), down from 9,300 (March 26 high) and from 1,800 the previous week. The number of people who received at least one dose of the Covid vaccines surpassed 4.3mil on Sunday, which has led to a gradual reopening of the economy.
  • Finance Minister Mihaly Varga told in an interview yesterday 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 NBP in the coming months.
  • Hungary may sell yuan- or yen-denominated green bonds this year as part of plans to fund a wider budget deficit according to debt agency (BBG).
  • April inflation surged to 5.1%, its highest level since 2012 and exceeding the 4.8% median estimate in Bloomberg. Fuel prices soared 39% YoY and tobacco products +20% on excise tax increase.
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