Hungary's inflation rate rose to 7.6 percent year-on-year in May, exceeding market expectations and trimming hopes of an early rate cut
Published:
12 June 2004 y., Saturday
The official figures, released Friday, compare with a year-on-year inflation rate of 6.9 percent in April. Analysts had been expecting the May figure to exceed the April figure by no more than 20 basis points and said interest rate cuts in Hungary were now less likely than previously anticipated.
The central bank surprised markets earlier this week by leaving interest rates unchanged at 11.5 percent. Robust economic growth has also sucked in imports. Thursday's trade deficit figures were double market expectations.
Hungary joined the European Union May 1 and hopes to adopt the euro by the end of the decade at the latest. However, economists say, strict convergence criteria such as a 3 percent cap on the budget deficit as a percentage of gross domestic product and stringent requirements on interest rate differentials with the eurozone will be hard to meet.
Šaltinis:
UPI
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The European Commission has approved, under EC Treaty state aid rules, an amendment to a Lithuanian scheme allowing aid to be granted of up to €500 000 per company, initially approved on 8 June 2009.
more »
As agreed by the President of the European Commission and the President of the Russian Federation during the last EU-Russia Summit in Khabarovsk, the EU and Russia have strengthened the current dispositions under the EU-Russia Energy Dialogue to prevent and manage potential energy crises, with an enhanced Early Warning Mechanism.
more »
The European Union has today presented to the World Trade Organization the trade facilitation projects it has financed between 2006 and 2008.
more »
The European Commission has authorised, under the EC Treaty’s rules on state aid, a planned state guarantee by Romania to enable Ford Romania SA to access a loan from the European Investment Bank (EIB).
more »
The economic crisis has left many countries with budget deficits well over the 3% limit. The commission is proposing deadlines for reducing the gaps.
more »
Statistics Lithuania informs that in October 2009, against September, prices for consumer goods and services went down by 0.4 per cent.
more »
Lithuania’s Vice-Minister of Foreign Affairs Šarūnas Adomavičius took part in bilateral political consultations with representatives from foreign affairs, commerce and transport ministries of the People’s Republic of China.
more »
Under the budgetary surveillance powers conferred by the EU Treaty, the European Commission today proposed to the Council to set 2013 as the deadline for the correction of the budget deficits in Austria, the Czech Republic, Germany, Slovakia, Slovenia, the Netherlands and Portugal.
more »
A joint partnership between the World Bank, the Moldovan Ministry of Agriculture and Food Industry and the Ministry of Environment was launched in Moldova’s capital in the late days of October.
more »
World Bank Group President Robert B. Zoellick today joins senior officials from the Government of Singapore to launch a new global urban strategy that will guide Bank advisory services and financing in the sector over the next decade.
more »