Matolcsy: the Hungarian economy is in a near-crisis situation, the price cap increases inflation

By: Trademagazin Date: 2022. 12. 05. 11:59

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According to the president of the MNB, “the economic policy coherence of the government and the central bank has broken down – this costs a lot.” Matolcsy said that “the government’s crisis management strategy is incorrect”, the price caps cause an inflationary surplus of 3-4%, and they must be removed immediately.

According to the president of the MNB, Hungary has the second highest twin deficit after Romania, and it will be the highest next year, writes Tordai. Matolcsy also spoke about the fact that inflation will be 15-18% next year, the reasons for this being the energy price explosion and food inflation. He also emphasized that the rate of price increase will only begin to moderate very slowly in the first half of 2023. According to him, the low productivity of the Hungarian food industry and the high import share of food led to the inflation rate of over 20%, according to the Reuters report, according to Portfolio.

“We have to face the fact that the Hungarian economy is in a near-crisis situation”

– said Matolcsy.