Magyar Nemzeti Bank Tightens Hungarian Monetary Policy Stance Further

February 22, 2022

Hungary’s central bank policy interest rate has been raised by another half percentage point to 3.4%, matching the increase done in January. From a base of 0.60% through May 2021, the rate was raised in each of the final seven months of last year by a combined 180 basis points. CPI inflation accelerated from 2.2% in mid-2020 to 2.7% by January 2021 and 7.9% last month, and that most recent estimate was a full half-percentage point greater than forecast.

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