Aug 21
Hungary: Unchanged rates for the second successive month
In line with our and consensus expectations the Hungarian central bank (MNB) today left its key policy rate unchanged at 8.5%. This is the second successive month at which rates were kept unchanged following 100 basis points worth of hikes since March 2008. MNB opted for unchanged rates as inflation ticked down in June. Headline inflation thus fell from 6.9% y/y in May to 6.7% y/y in June - core inflation ticked down too. Wages data also surprised positively in May. Wages were thus up 9.6% y/y
