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Nagy Expects CPI to Go Below 20% In June

HUNGARY
  • Hungary’s government is smoothing out a shock to consumption and expects a quick decrease in the headline inflation rate, Minister for Economic Development Marton Nagy said in an interview with Inforadio. The CPI rate is expected go below 20% in June, and “single-digit inflation could be reached in October-November,” he said.
  • According to Hungarian news site Trademagazin, Nagy said in the interview that he does not intend to interfere with the central bank’s inflation-stabilising mandate, but he seeks a debate on whether it is worth allowing a higher inflation rate than previously targeted, considering the rapidly changing structure of the global and Hungarian economies, and the increasing importance of returning to rapid economic growth compared to inflation.
  • Justice Minister Judit Varga is expected to resign from her post to lead Viktor Orban’s Fidesz party’s campaign for the European Parliament next year, Magyar Nemzet report. Varga has been a leading figure in EU-fund talks.
  • Cutting Europe-China ties would equal Europe's "brutal economic suicide", Foreign Minister Péter Szijjarto said on Tuesday as per MTI. He insisted that the bloc's competitiveness had "plummeted in recent years for numerous reasons" and told a panel that "connectivity is good and the re-forming of blocks in the world is bad".
  • There are no major economic releases scheduled today. PPI data is on the docket on Friday and is the last notable release of the week.
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