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Orban Sees Inflation Easing from End-Feb/March

HUNGARY
  • Speaking on the radio this morning, Prime Minister Orban said that Hungary is on track to see easing inflation by end-February or March, with the inflation rate potentially returning to single digits by the end of the year.
  • Minister of foreign affairs and trade, Szijjarto, has talked by phone with Novak, Russia's deputy prime minister for energy affairs, where they agreed to accelerate the pace of the upgrade of Hungary's Paks nuclear power plant wherever possible, MTI report.
  • Economic growth may slow to 1.5% this year, but Hungary can avoid recession and GDP might jump as high as 4% in 2024, economy development minister Nagy told the weekly Mandiner yesterday. Nagy also criticised the central bank for delaying cutting the key rate, reopening a rift between the cabinet and monetary policy makers. Last month, Governor Matolcsy blasted the cabinet for driving the economy into a “state of near crisis”.
  • S&P will review Hungary’s sovereign credit after cutting the outlook on the second-lowest investment grade to negative in August. As a reminder, Hungary’s outlook was revised to negative from stable by Fitch Ratings last week. S&P’s decision will be published around 2200 GMT/2300 local time.
  • There are no economic releases left on the docket after data released this morning showed unemployment rising to 3.9% (Exp: 3.9%) in December from 3.8% in November.
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