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Szijjarto Says Hungary Exempt From Russian Oil Price Cap

HUNGARY
  • Hungary has received an exemption from a price cap on Russian crude, Minister of Foreign Affairs and Trade Szijjarto said in a post on Facebook on Saturday, MTI report. "We fought hard for Hungarian interests at the negotiations...and were finally successful: Hungary got an exemption from the application of the oil price cap" Szijjarto said. On Friday, in line with a unanimous decision by EU member states, the G7 and Australia reached a consensus on capping the price of seaborne Russian crude at USD 60 per barrel.
  • Protests continued over the weekend as thousands of teachers, students and parents gathered in Budapest in solidarity with teachers fired from top secondary schools for taking strike action that the government deemed unlawful.
  • Retail trade rose 0.6% y/y in October, below +2.2% expected and +3% in September, according to data released by the Central Statistical Office this morning. Looking ahead this week, industrial production data releases on Wednesday and CPI figures are on the docket on Thursday where inflation is expected to increase to 22.1% from 21.1%.

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