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Markets do not expect Hungary to quell inflation

Tuesday, January 3, 2023


This was legislating by decree; the announcement gave few details of the changes from the budget passed in parliament in mid-2022. The announcement did say an increase in the deficit target to 3.9% of GDP was due to the rising cost of protecting households from higher energy bills. It was accompanied by just one table without any data from the previous period for comparison.


  • Hungary’s inflation rate is likely to remain higher for longer than in other EU member states.
  • Uncertainty will continue to surround the currency.
  • Since the 2022 elections it has not been clear where responsibility for economic policy lies.

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