According to the quarterly inflation report of the National Bank of Hungary published on 24 September 2015, Hungary’s economy has continued to expand. The main driver of economic growth was the recovery in domestic demand. Inflation remained subdued in Summer months, and the inflation rate is expected to be below the medium-term target of 3 percent both this year and next. Base effects were in line with the forecast of June, while the slight discrepancy within the overall consumer price index is attributable to lower-than-expected fuel prices. The global cost environment as a whole is highly favourable for Hungary, thanks partly to the substantial drop of raw material prices over the past months. Private sector employment growth continued in the second quarter, while wage dynamics remained moderate. This favourable cost environment is expected to persist over the outlook horizon.

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(Ministry for National Economy)