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NBH Say Volatile Risk Environment Warrants Caution

HUNGARY

Highlights from the NBH's policy statement:

  • According to the assessment of the Monetary Council, the outlook for inflation warrants further reduction in the base rate at a slower pace than earlier. The volatile risk environment continues to warrant a careful and patient approach to monetary policy.
  • Risks surrounding global disinflation, volatility in international investor sentiment and the sustainable continuation of domestic disinflation warrant a careful and patient approach to monetary policy in the coming months.
  • In the new phase which started in April, the Monetary Council is proceeding at a slower pace than before, and will take decisions on any further reductions in the base rate in a data-driven manner.
  • Inflation and core inflation were in line with the projection in the March Inflation Report. Household inflation expectations have fallen in recent months. The pace of price increases will rise temporarily in the middle of this year due to the backward-looking pricing of market services and base effects.
  • In 2024, GDP may grow by 2.0-3.0 percent based on the MNB’s projection.

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