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Orban Says Govt Considering When to Stop Price Caps; PPI Rises 29% Y/Y

HUNGARY
  • Hungary’s government is looking at when it can phase out caps on food prices and on bank-loan interest rates such as mortgages, Prime Minister Viktor Orban said to public radio this morning. He said that inflation is retreating and reiterated his view that it will fall to single-digits by year-end.
  • PPI rose by 29.0% Y/Y in February (Prior: 33.5%), driven by dearer energy and commodities prices and a weaker forint, the Central Statistical Office said this morning. The monthly figure fell 2.2%.
  • Hungary had a EUR413m trade deficit in January, a second reading of data showed. The deficit widened from EUR168m in December but is still well under the EUR1.395bln shortfall seen in November. Exports rose by 16.6% Y/Y, while imports increased by 17.8%.
  • The NBH will hold a one-time tender for 6-day deposits today, according to a statement by the central bank. Deposits will mature on April 6.
  • Note today marks the deadline for Hungary to present legislative changes to the EU, which is one step toward unlocking monies frozen over cohesion and rule-of-law concerns. "I trust that we'll approve the draft legislation in the coming week, and I also trust that those changes will be in line with the [European] Commission's expectations," Minister Navracsics said last Thursday.
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