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Orbán Augurs 16% Inflation in August

Government

Prime Minister Viktor Orbán said inflation could fall to around 16% in August in a weekly interview on Kossuth Rádió this morning.

"I think August will be the month in which a change could occur," he said, auguring inflation of "16-16.1%" and nominal wage growth "on par with or over" CPI.

He expressed hope that average annual inflation and full-year wage growth would "be close to each other".

Orbán noted that real wages had fallen in the first half of the year for the first time in Hungary since 2012.

Consumer prices rose 17.6% year-on-year in July, falling for the sixth month in a row after peaking at 25.7% in January. The latest wage data, for June, show a 3.4% decline in real wages

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