Hungary raises interest rates

The Hungarian central bank surprised markets with a half-point rate hike on Monday.

Zsigmond Jarai, the central bank's governor, revealed that the central bank's 11-strong monetary council committee only discussed one option at their meeting and that the decision was unanimous. This is Hungary's third consecutive increase since June and takes rates to 7.25% - the highest in the European Union.

The National Bank of Hungary's latest inflation report also raised its forecasts for annual average i

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