Hungarian officials disagree over source of inflation

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A reduction in the National Bank of Hungary's benchmark interest rate was passed with the narrowest of margins by the central bank's Monetary Council on September 25.

Minutes of the council's September meeting, released today (October 11), show four of its seven members voted in favour of dropping the rate by 25 basis points to 6.5%, while the remaining three voted for a hold.

The split concerned how members interpreted higher-than-expected inflation, which increased despite weakening demand

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