Automotive sector output in Hungary edges up 1.6% y/y in February
13 hours ago
Moldova’s consumer price inflation eased to 31.4% y/y in November from 34.6% y/y in October, after prices advanced by only 1% in the month, preparing the ground for more monetary relaxation.
The National Bank of Moldova (BNM) decided on December 5 to cut the monetary policy rate by 1.5pp to 20%, after the annual inflation rate came in slightly below expectations in October.
The central bank said that the monetary policy relaxation will continue if future inflation data confirm its expectations.
The inflation outlook in Moldova has recently improved after inflation peaked above 34% y/y in August-October, driven by high energy prices and weak agricultural production. Furthermore, the economic slowdown towards the end of the year is easing demand-side pressures and encouraging the central bank towards milder policies. The government hopes for a 2% GDP recovery in 2023 and the monetary authority for a variety of reasons is likely to be supportive in this regard.
The government avoided another electricity price hike in December by reaching an agreement with the separatist Transnistria region and at this moment the natural gas price is not under pressure so the disinflation may continue in the last month of the year as well.
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Data
Automotive sector output in Hungary edges up 1.6% y/y in February
Headline industrial output rose 1.8% in February, increasing for the first month in about a year.
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Slovak inflation eased further to 2.3% in March
Prices in the alcohol and tobacco sector increased by 19% y/y, including the 9.1% spike in tobacco prices as a result of the new consumption tax.
Polish inflation eases further to 2% y/y in March
The inflation rate landed within the National Bank of Poland’s target of 1.5%-3.5% for a second successive month
CEE falling inflation trend comes to an end
After spiking to 20-year highs thanks to the pandemic and Europe’s Russian induced energy crisis, inflation rates across the EU have tumbled in recent months. That trend has ended and CEE central banks are expected to hike rates again in 2H24.
Hungary’s CPI edges lower, but price pressures remain in service sector
Consumer prices in Hungary rose 3.6% y/y in March, but services' prices rose almost 10%.
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