The ING analysis examines how unexpectedly weak Hungarian inflation data could materially alter the National Bank of Hungary’s policy path in the coming months.
- Headline inflation slowed to 1.8% year-on-year in May, below both ING and market expectations, despite ongoing geopolitical and energy market disruptions.
- The report attributes the decline largely to food deflation, lower household energy costs, and the strength of the Hungarian forint, although services inflation remains elevated at 4.3%.
- ING now expects inflation to average 2.6% in 2026 and sees growing scope for a 25bp or 50bp NBH rate cut later this month.
Read the full report for a detailed breakdown of Hungary’s inflation dynamics and the implications for monetary policy and regional markets.
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