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Nagy: Inflation Single Digit by Year-end

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Hungary's inflation will slow to single digits by the end of 2023 from 24% in April, allowing the central bank to cut interest rates by next spring sharply, Minister of Economic Development Márton Nagy said in an interview published this week.

Nagy told business daily Világgazdaság that caps on household mortgage rates and small business loan rates can be phased out only when the central bank's benchmark rate falls to single digits.

He said the 2024 budget was tight due to surging debt service costs.

"Reaching single-digit inflation by the end of the year could mean that central bank interest rates could also be single-digit by the spring of 2024," Nagy said.

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