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Central Bank Once Again Raises Base Rate to Deter Highest EU Inflation from Further Increase

Forint Strengthens After Central Bank Raises Base Rate to Battle Inflation Hike

Hungary's April Inflation Rate Highest in EU

Portfolioreports, based on data published by Eurostat. Hungary’s 5.2% purchasing power decline is slightly above the 5.1% rate recorded in Poland, and well above the third-highest in Luxembourg (3.3%) . Up until April, Hungary was consistently the second, behind either Poland or the Czech Republic each month. However, this time the inflation rate (an eight year high for Hungary), managed to surge above market expectations of five percent. On a monthly basis, consumer prices went up 0.8 percent, following a 0.7 percent gain in March. In light of the new record high inflation, it is unsurprising that on Monday, Hungary’s central bank announced a possible hike in its base rate in June to tame inflation.

National Bank Policy Makers Could Weigh Rate Hike in June

National Bank Policy Makers Could Weigh Rate Hike in June The Monetary Council of the National Bank of Hungary (MNB) could consider raising the base rate at a policy meeting in June, deputy governor Barnabás Virág said on Monday, Reuters reported. Virág said Hungary’s monetary policy would enter a new phase from June as the economy fully reopens, and the central bank would adjust short-term rates proactively to tackle rising inflation risks. He said rate rises could precede any decision about asset purchases, and the MNB’s next quarterly Inflation Report, which the Monetary Council will discuss at the June policy meeting, would be critical in assessing risks.