Hungary raises interest rate to 11.75%

hungary central bank headquarters

The Hungarian central bank has raised its interest rate by 100 basis points to 11.75%, almost doubling it from 5.9% at the beginning of June. 

“Persistently high commodity and energy prices and the drought in Europe”, will put upward pressure on inflation over the next few months, the Central Bank of Hungary (MNB) said. 

In July, annual inflation was 13.7% and core inflation was 16.7%. 

The forint jumped 1.3% against the euro immediately after the decision, but has declined by more than 10%

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