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NBH Virag Says Central Bank Should Prepare For Hike

HUNGARY
  • Covid daily new cases continue to decrease with the 7D SMA falling below 1,000 (lowest level since end of January), down from 9,300 (March 26 high) and from 1,300 the previous week. The number of people who received at least one dose of the Covid vaccines reached 4.5mil last week (45% of the population).
  • After April inflation surged to 5.1%, its highest level since 2012 and exceeding the 4.8% median estimate in Bloomberg, NBH policymakers said that the next central bank's inflation report in June will be 'key' for assessing the inflationary impact on the economy. Policymakers will certainly use appropriate tools in case inflation starts to persist and constantly overshoot estimates.
  • This morning, NBH deputy governor Barnabas Virag mentioned in a briefing that inflation risks have risen and that the central bank should prepare for rate hike to curb inflationary pressures; June CPI will be 'key' in policy turn.
  • Next economic data to watch is Q1 GDP on May 18, which is expected to decrease by -3.8% YoY.
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