"Whitening effect" changes Hungary's thinking

In a surprise move the National Bank of Hungary cut its benchmark interest rate on 25 June. Rates remain the highest in the European Union, despite the 25 basis point cut which took them to 7.75%. It was the first rate change in Hungary since October last year.

Slowing core inflation, which strips out volatile food and energy prices, was the reason for the cut, the central bank's president Andras Simor, told a press conference. The core rate shows that the fact that wages are growing faster th

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