The National Bank of Hungary raised its benchmark base rate by 50 bps to 5.9 percent at its May 31st meeting, slightly below market expectations of a 60bps increase. It was the 12th consecutive rate hike, as the central bank attempts to curb surging inflationary pressure and a weakening forint due to commodity supply shocks amid the war in Ukraine. Policymakers held inflation expectations unchanged since the last meeting, forecasting that year-end inflation will range from 7.5-9.8%. The latest CPI figures pointed to an annual increase of 9.5 percent in consumer prices. At the same time, the forint depreciated nearly 7% against the euro year-to-date.
. source: National Bank of Hungary
Interest Rate in Hungary averaged 10.70 percent from 1987 until 2022, reaching an all time high of 28 percent in January of 1995 and a record low of 0.60 percent in July of 2020. This page provides the latest reported value for - Hungary Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Hungary Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2022.
Interest Rate in Hungary is expected to be 6.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Hungary Interest Rate is projected to trend around 8.50 percent in 2023, according to our econometric models.