Hungary Achieves Inflation Success Unmatched by Eurozone for Years 😊

In 2024, Hungary's inflation returned to the desired 2-4% range after a three-year hiatus, with a reported increase of 3.7% in both consumer price indices. The Hungarian National Bank (MNB) had set a maximum inflation target of 3% back in 2005. Despite higher initial expectations for 2024 inflation rates, the government raised pensions by 6% and increased minimum wages by 15%. Real wages are expected to grow by around 10%, marking significant growth since 2019. The MNB forecasts a slowdown in inflation rates for the coming months.