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- In the past few weeks, we have heard NBH policymakers mentioned several times that the spike in inflation in the short term was only going to be 'temporary' and that inflationary pressures should start to ease in the second half of 2021.
- Inflation CPI is expected to reach 5% in April/May mostly driven by the surge in fuel prices, diverging significantly from the NBH 4-percent upper tolerance band.
- In the statement of its monetary policy meeting released today, NBH mentioned that it was 'ready to act' if CPI risks continue to strengthen through the year.
- The NBH also decided to extend QE, setting the next review when the stock will reach 3 trillion HUF. As a reminder, the NBH has been purchasing around HUF 60bn of HGBs per week (total amount of gvt bonds purchased stand currently at 2 trillion HUF).