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Opposition Proposes Referendum to Contain Risk of Hungary EU Exit

HUNGARY
  • Budapest Times reports on the recent moves from the opposition parties to prevent parliament from withdrawing Hungary from the EU, with Jobbik leaders proposing a referendum to prevent a parliamentary act unilaterally pulling Hungary from the union. The question was proposed to the National Election Committee yesterday.
  • July inflation data came in ahead of expectations, with monthly CPI rising 2.3% vs. Exp. 1.5%, while Y/Y prices rose 13.7% vs. Exp. 13.0%. The EUR/HUF high of 416.89 in July likely added pressure to price acceleration, with core inflation surging 2.9pp to 16.7%.
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  • Budapest Times reports on the recent moves from the opposition parties to prevent parliament from withdrawing Hungary from the EU, with Jobbik leaders proposing a referendum to prevent a parliamentary act unilaterally pulling Hungary from the union. The question was proposed to the National Election Committee yesterday.
  • July inflation data came in ahead of expectations, with monthly CPI rising 2.3% vs. Exp. 1.5%, while Y/Y prices rose 13.7% vs. Exp. 13.0%. The EUR/HUF high of 416.89 in July likely added pressure to price acceleration, with core inflation surging 2.9pp to 16.7%.