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Orban Reaffirms Commitment to Single-Digit Inflation by Year-End

HUNGARY
  • A bout of risk-selling through the US close yesterday knocked EM currencies and notably the HUF lower into the NY close, with HUF weaker still early Friday. The contagion concerns surrounding Silicon Valley Bank remain a key sentiment driver, helping spark selling across HUF, PLN, ZAR and other high yielders.
  • Hungary’s government aims to bring the rate of inflation to below 10% by the end of the year, but acknowledged that the pace of disinflation until then “remains a question”, Prime Minister Orban said on state radio this morning. He said the government’s policies to combat inflation enjoy broad public support, and added that he expects quick disinflation later this year.
  • Scrapping war-related sanctions would be the best way to curb inflation, and Hungary will continue to veto measures that would cause "the most immediate damage" to its economy, MTI report Orban as saying. Should the EU scrap the sanctions imposed on Russia tomorrow, inflation would halve instantly, then gradually return to 2-3%, Orban said.
  • Hungary's preliminary trade deficit narrowed to EUR165m in January from -EUR168m in December, according to figures released by the Central Statistical Office this morning. There are no other data releases or speakers scheduled today.
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