NBH Release May Meeting Minutes

• In the Council’s assessment, the outlook for global growth continued to be characterised by duality. The turnaround in inflation had continued in several countries; however, some members pointed out that based on core inflation indicators, the decline in the consumer price index in most countries might be slower than earlier expected.
• The decision makers agreed that the trendlike improvement in the external balance and current account data in the beginning of the year suggested that the indicator might evolve more favourably in 2023 even compared to the forecast in the March Inflation Report.
• The Council was unanimous in its view that the cycle of rate hikes... was having an increasingly broad disinflationary effect.
• The Monetary Council was in agreement that, looking ahead, maintaining tight monetary conditions was necessary to achieve price stability; therefore, there was a strong consensus in favour of leaving the base rate at its current level.

See full minutes here here: https://www.mnb.hu/letoltes/roviditett-jegyzokonyv...