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Ecostat sees firmer forint, lower base rate in August

Ecostat, the research arm of Hungary’s Central Statistics Office, sees the forint (HUF) firming to 286 against the euro in August, twelve-month inflation picking up to 3.7%, as tax rises are introduced, and the central bank base rate dropping 100bp to 8.50%, it said in its latest Mikroszkop report.

Ecostat puts twelve-month industrial output down 13.6% in August, compared to an adjusted 25.4% twelve-month drop in February. It projects retail turnover will fall 3.1% yr/yr in August.

Gross wages are seen rising 2.4% in August, as public sector wages drop 2.5% but private sector wages climb 4.5%. (MTI-Econews)