Hungary raises rates by half a point

The National Bank of Hungary hiked rates by 50 basis points on Monday 31 March from 7.5% to 8%.

The Council reiterated its view that Hungarian economic growth is likely to be "below potential" and that inflation is likely to fall only slowly during 2008 and 2009.

The Council has frequently noted that it does not intend to offset the temporary effects of cost pressures, but closely monitors any "potential second-round effects " that may occur. Inflation shocks have so far been concentrated on

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