Gulyás said that the government calculated with an average annual inflation of 4.5% in 2025. He said the government had allocated over HUF 90 billion for the resulting inflation-linked top-up, which is required by law.
The 1.3% pension rise in November translates as HUF 39,600, in absolute terms, for the average pension, Gulyás said.
He said that Mihály Varga, the National Bank of Hungary’s new governor, had presented the central bank’s latest forecasts at the cabinet meeting.
The central bank puts average annual inflation at “at least” 4.5pc in 2025, he added.
Gulyás said inflation could be better than expected with the rollout of a government-mandated cap on markups of some basic foods.
The new measure has cut prices of 874 products by 17.5% on average, he added.
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