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MNB Puts 2023 CPI at 15-19.5%

Analysis

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The Monetary Council of the National Bank of Hungary (MNB) reviewed the central bank's latest quarterly Inflation Report at its monthly meeting and published the main forecasts on the MNB website.

The report puts average annual inflation at 14.5-14.7% for 2022 and at 15-19.5% for 2023. Inflation "is expected to decrease slowly in the first half of 2023" and then "more significantly from the middle of the year," the council said.

The Consumer Price Index is set to return to the 2-4% central bank tolerance band in 2024, they added.

The MNB forecasts GDP growth of 0.5-1.5% for next year.

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