Macroeconomic data released in July typically showed growth, with weak base period data playing a large role in several cases:

  • The volume of industrial production in May was 39.1% higher than a year earlier, while compared to April, the growth rate was 3.4%.
  • In May, construction output grew 2.3%t month-on-month and 18.7% year-on-year.
  • Retail sales in the fifth month of the year were 5.8% higher than a year earlier, while they stagnated compared to April.

In June, inflation remained above the central bank target of 5.3%. Within this, the largest price increase was in spirits and tobacco products, but fuel prices also rose by more than 10%.

At its July meeting, the Monetary Council of the Magyar Nemzeti Bank tightened further, raising the base interest rate from 0.9% to 1.2%.

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