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Market Update: Hungary Raises Key Rate Above Expectations
The National Bank of Hungary raised its benchmark base rate by 30 basis points to 0.9 percent on June 22th, a level not seen since May of 2020 and slightly above market expectations of a 25 bps increase, while the overnight deposit rate was left unchanged at -0.05 percent. Nonetheless, the interest rate hike wasnt a total surprise, as policymakers had previously expressed that the central bank would commence its tightening cycle to tackle concerns about strong inflationary pressures, amid a faster-than-expected economic recovery. In May, the annual inflation rate stood at 5.1 percent, the same as in the month before and above the central banks tolerance band of 2-4 percent, mainly driven by a 36.2 percent surge in fuel prices. source: National Bank of Hungary [/s2If]
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