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MNB: Inflation Falling 'Moderately' in Coming Months

Figures

Photo by Jessica Fejos

The National Bank of Hungary (MNB) said inflation would fall "moderately" in the coming months, then at a faster pace in the second half of the year in a report published on its website.

"[The Consumer Price Index] is expected to decline moderately in the coming months, followed by an acceleration in the disinflationary process in the second half of the year," central bank policymakers said in a summary of core findings in the new quarterly Inflation Report. 

They added that the effects of tight monetary policy, falling global commodity prices, and declining domestic consumption would become "increasingly more pronounced" in 2023. 

The report shows CPI, which peaked at 25.7% in January, could fall into the single digits by year-end and return to the 2-4% central bank tolerance band in 2024. 

The MNB put this year's average annual inflation in a range of 15-19.5%, unchanged from the forecast published in the previous report late in December.

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