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Hungary’s inflation could be less than 3 percent this year and could stabilise at around 3 percent in the long run, according to a senior official of the National Bank of Hungary.

András Balatoni, head of the central bank’s forecast and analysis department, said that annual core inflation was below projections, mostly because of plummeting oil prices, which counterbalance an increase in the price of raw food materials.

Coronavirus’ Brutal Economic Impact in Hungary Already Felt

Balatoni said that the Hungarian economy’s outlooks were uncertain in view of the coronavirus epidemic, but added that Hungary’s GDP could still be 2 percentage points higher than the European average this year.

Featured photo illustration by Márton Mónu/MTI