MNB acknowledges increased downside risks to CPI

Analysis

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Downside risks to Hungary's inflation rate have increased, but falling prices have not affected future expectations yet, the National Bank of Hungary said on Friday, responding to a query by Reuters. 

"The MNB has noted that downside risks to inflation have risen in the recent period, however, there are no significant second-round inflationary impacts as yet," the central bank told Reuters. Consumer prices in Hungary fell 0.9% in December year-on-year, declining more than expected.

"Achieving the medium-term inflation target points in the direction of maintaining current loose monetary conditions for an extended period," the MNB's Monetary Council said in the minutes from their last rate-setting meeting in December.

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