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Retail Sales Record Fastest Drop Since Feb 2021

HUNGARY
  • Hungarian retail sales plunged 3.9% y/y in December (Exp. +0.2%; Prior. +0.6%), the biggest drop since February 2021, data released this morning showed. Hungarian food prices rose 50% y/y in December compared with an 18% EU average after a special tax on retailers and price caps on staples lifted the costs of non-regulated items. The national CPI print is on the docket on Friday, where data is expected to show prices edging slightly higher to 25.1% y/y (Prior 24.5%).
  • The latest set of EU sanctions will ban the imports and re-export of Russian oil products, but Hungary's exemption from the former and various alternative resources will ensure the country's energy security, the energy ministry said according to MTI.
  • Hungary’s central bank has started its annual Lamfalussy conference today which will feature policy makers from the NBH and other central banks.
  • NBH’s Patai was the first speaker and has stressed the importance of cooperation with the government on aligning fiscal and monetary policy to combat rising prices. He also cited the positive effect of demand management and falling raw material prices on inflation, saying the worst is now behind us.
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