A KSH a tegnapi napon publikálta a májusi inflációs adat. A közlés szerint 1,9% volt az áremelkedés üteme. Ez megegyezett a piaci elemzők konszenzusával, viszont meghaladta az OTP Elemzési Központ 1,9%-os várakozását.
Report on Inflation - 11 September 2018OTP Bank Ltd.
Augusztusban 3.4% volt az éves infláció mértéke, ami meglepte az elemzőket, mivel a piac a júliusi csúcs után kismértékű csökkenésre számított. A meglepetést elsősorban a szezonális élelmiszerek – burgonya és zöldségek – áremelkedése okozta, amely nagy valószínűség szerint a következő szezonig hatással lesz az inflációra. A sokkal kevésbé változékony, a konjunktúra ciklustól erőteljesebben függő „trendinflációs” tételek esetében is emelkedő inflációt láthatunk, köszönhetően az erős belső keresletnek, illetve a költségoldalról érkező árnyomásnak. A közelmúltban ismertté vált hatósági intézkedések – jövedékiadó-emelés és autópályamatrica-áremelés – miatt az OTP Bank elemzői 2,6%-ról 2,8%-ra emelték az idei, és 2,2%-ról 2,5%-ra a jövő évi inflációs előrejelzésüket. Az általuk kiemelten figyelt „szűrt inflációs” mutató, amely nem tartalmazza a nagy áringadozású termékeket (szezonális élelmiszerek és üzemanyag) és tisztítva van az adóváltoztatások hatásától – vagyis azon tényezőktől, amelyeken a monetáris politika jellemzően „át szokott nézni” – 2,5, 2,6, és 3% lehet a 2018 és 2020 közötti években. Vagyis a 3%-os inflációs cél elérése az átmeneti hatások kiesését követően 2020-ra várható.
Az üzemanyagárak emelkedése 3% fölé vitte júniusban az inflációt, azonban a jegybanki cél fölötti pénzromlási ütem újabb sokk hiányában nem lesz tartós. Noha az alapfolyamatokból következő árnyomás folyamatosan erősödik majd, a külső tételek (üzemanyag, élelmiszer, hatósági árak, jövedéki adós termékek) egész 2019. végéig 3% alatt tarthatják a fogyasztói árindexet.
Flash Report - Hungarian Inflation - 11 April 2018OTP Bank Ltd.
2%-ra emelkedett az éves bázisú fogyasztói árindex márciusban, azonban továbbra is számos hatás fékezi az árnyomás erősödését. Idén 2% közelében maradhat az infláció, jövőre azonban akár gyors emelkedést is láthatunk, ha az egyszeri tételek hatása kifut.
EUpDates—A Monthly Statistical Bulletin of Economic IndicatorsEcofin Surge
Monthly statistical e-bulletin comprising a Quick Review of the Economy and about 30 tables and some charts with the latest available economic/financial market indicators, both Indian and Global.
Factsheet for ICICI Prudential Mutual FundAnvi Sharma
The scheme aims to invest primarily in equities and for defensive consideration in fixed income securities including money market instruments with the aim of generating capital appreciation.
E-UPDates—A Monthly Statistical Bulletin of Economic IndicatorsEcofin Surge
Monthly statistical e-bulletin comprising a quick review of the economy and about 30 tables and some charts with the latest available economic/financial market indicators, both Indian and Global.
Az üzemanyagárak emelkedése miatt nagyot ugrott májusban az infláció, de a kereslet-vezérelt tételekben is érzékelhető a gyorsulás. Idén nyáron átmenetileg 3% feletti inflációra számítanak az OTP Bank elemzői. Tartósan 2019-ben érheti el a jegybank célját a pénzromlás üteme, sőt, ha a kockázatok realizálódnak, akár jelentősebb gyorsulás is jöhet jövőre.
Report on Inflation - 11 September 2018OTP Bank Ltd.
Augusztusban 3.4% volt az éves infláció mértéke, ami meglepte az elemzőket, mivel a piac a júliusi csúcs után kismértékű csökkenésre számított. A meglepetést elsősorban a szezonális élelmiszerek – burgonya és zöldségek – áremelkedése okozta, amely nagy valószínűség szerint a következő szezonig hatással lesz az inflációra. A sokkal kevésbé változékony, a konjunktúra ciklustól erőteljesebben függő „trendinflációs” tételek esetében is emelkedő inflációt láthatunk, köszönhetően az erős belső keresletnek, illetve a költségoldalról érkező árnyomásnak. A közelmúltban ismertté vált hatósági intézkedések – jövedékiadó-emelés és autópályamatrica-áremelés – miatt az OTP Bank elemzői 2,6%-ról 2,8%-ra emelték az idei, és 2,2%-ról 2,5%-ra a jövő évi inflációs előrejelzésüket. Az általuk kiemelten figyelt „szűrt inflációs” mutató, amely nem tartalmazza a nagy áringadozású termékeket (szezonális élelmiszerek és üzemanyag) és tisztítva van az adóváltoztatások hatásától – vagyis azon tényezőktől, amelyeken a monetáris politika jellemzően „át szokott nézni” – 2,5, 2,6, és 3% lehet a 2018 és 2020 közötti években. Vagyis a 3%-os inflációs cél elérése az átmeneti hatások kiesését követően 2020-ra várható.
Az üzemanyagárak emelkedése 3% fölé vitte júniusban az inflációt, azonban a jegybanki cél fölötti pénzromlási ütem újabb sokk hiányában nem lesz tartós. Noha az alapfolyamatokból következő árnyomás folyamatosan erősödik majd, a külső tételek (üzemanyag, élelmiszer, hatósági árak, jövedéki adós termékek) egész 2019. végéig 3% alatt tarthatják a fogyasztói árindexet.
Flash Report - Hungarian Inflation - 11 April 2018OTP Bank Ltd.
2%-ra emelkedett az éves bázisú fogyasztói árindex márciusban, azonban továbbra is számos hatás fékezi az árnyomás erősödését. Idén 2% közelében maradhat az infláció, jövőre azonban akár gyors emelkedést is láthatunk, ha az egyszeri tételek hatása kifut.
EUpDates—A Monthly Statistical Bulletin of Economic IndicatorsEcofin Surge
Monthly statistical e-bulletin comprising a Quick Review of the Economy and about 30 tables and some charts with the latest available economic/financial market indicators, both Indian and Global.
Factsheet for ICICI Prudential Mutual FundAnvi Sharma
The scheme aims to invest primarily in equities and for defensive consideration in fixed income securities including money market instruments with the aim of generating capital appreciation.
E-UPDates—A Monthly Statistical Bulletin of Economic IndicatorsEcofin Surge
Monthly statistical e-bulletin comprising a quick review of the economy and about 30 tables and some charts with the latest available economic/financial market indicators, both Indian and Global.
Az üzemanyagárak emelkedése miatt nagyot ugrott májusban az infláció, de a kereslet-vezérelt tételekben is érzékelhető a gyorsulás. Idén nyáron átmenetileg 3% feletti inflációra számítanak az OTP Bank elemzői. Tartósan 2019-ben érheti el a jegybank célját a pénzromlás üteme, sőt, ha a kockázatok realizálódnak, akár jelentősebb gyorsulás is jöhet jövőre.
ChoiceBroking - Q2FY16 GDP growth at 7.4%; robust manufacturing expansion indicates revival in economic scenario. To read our monthly economic outlook please click here http://bit.ly/1QTqJKI
Monthly statistical e-bulletin comprising a quick review of the economy and about 30 tables and some charts with the latest available economic/financial market indicators, both Indian and Global.
An overview of economic growth in US during q 3 of 2018. Overview includes data on: Economic Projections of the Federal Reserve Board, Employment Growth, Employment Growth by Industry, Employment Growth by Metropolitan Area, Consumer Price Index, Corporate Profits an Compensation of Employees, etc.
India's economic growth has slowed down sharply . In the past 3 Years, the BJP Govt. does not have the faintest idea
of how to stop slide of the Economy.
Since the previous meeting of the Monetary Policy Committee (MPC), several risks to the inflation outlook have begun to materialise. While headline inflation is comfortably within the inflation target band, indications are that we have passed the low point of the current cycle. Developments in the international environment have placed upward pressure on the inflation trajectory, while the domestic growth outlook remains challenging.
The Finance Minister has presented a realistic and pragmatic Budget aimed at striking the right chord with all segments of the society and successfully delivering on the nation’s expectations. The Budget has attempted the difficult task of deftly maintaining the fiscal deficit within prudent levels, boosting consumption spending and investment demand while enhancing welfare expenditure. The Finance Minister needs to be congratulated for maintaining a check on the fiscal deficit despite the overwhelming need to raise public expenditure to boost growth. The fiscal deficit of 3.5 per cent of GDP for Budget 2016-17 will be lowered to 3.2 per cent for the coming year. At the same time, it is commendable that the Budget reduced the revenue deficit to 1.9 per cent of GDP, while increasing capital expenditure by over 25 per cent. Adherence to the fiscal prudence imperatives will lay the foundation for long-term growth and CII appreciates this commitment.
This presentation provides an overview of the Congressional Budget Office’s most recent budget and economic projections, which were published on August 21. In those projections, the federal budget deficit is nearly $1 trillion in 2019 and averages $1.2 trillion each year between 2020 and 2029. Because of persistently large deficits, federal debt held by the public is projected to grow steadily, reaching 95 percent of gross domestic product (GDP) in 2029.
Real GDP is projected to grow by 2.3 percent in 2019, supporting strong labor market conditions that feature low unemployment and rising wages. Economic growth is projected to slow to an average of 1.8 percent through 2029, which is less than the long-term historical average. That slowdown occurs primarily because the labor force is expected to grow more slowly than it has in the past.
ChoiceBroking - Q2FY16 GDP growth at 7.4%; robust manufacturing expansion indicates revival in economic scenario. To read our monthly economic outlook please click here http://bit.ly/1QTqJKI
Monthly statistical e-bulletin comprising a quick review of the economy and about 30 tables and some charts with the latest available economic/financial market indicators, both Indian and Global.
An overview of economic growth in US during q 3 of 2018. Overview includes data on: Economic Projections of the Federal Reserve Board, Employment Growth, Employment Growth by Industry, Employment Growth by Metropolitan Area, Consumer Price Index, Corporate Profits an Compensation of Employees, etc.
India's economic growth has slowed down sharply . In the past 3 Years, the BJP Govt. does not have the faintest idea
of how to stop slide of the Economy.
Since the previous meeting of the Monetary Policy Committee (MPC), several risks to the inflation outlook have begun to materialise. While headline inflation is comfortably within the inflation target band, indications are that we have passed the low point of the current cycle. Developments in the international environment have placed upward pressure on the inflation trajectory, while the domestic growth outlook remains challenging.
The Finance Minister has presented a realistic and pragmatic Budget aimed at striking the right chord with all segments of the society and successfully delivering on the nation’s expectations. The Budget has attempted the difficult task of deftly maintaining the fiscal deficit within prudent levels, boosting consumption spending and investment demand while enhancing welfare expenditure. The Finance Minister needs to be congratulated for maintaining a check on the fiscal deficit despite the overwhelming need to raise public expenditure to boost growth. The fiscal deficit of 3.5 per cent of GDP for Budget 2016-17 will be lowered to 3.2 per cent for the coming year. At the same time, it is commendable that the Budget reduced the revenue deficit to 1.9 per cent of GDP, while increasing capital expenditure by over 25 per cent. Adherence to the fiscal prudence imperatives will lay the foundation for long-term growth and CII appreciates this commitment.
This presentation provides an overview of the Congressional Budget Office’s most recent budget and economic projections, which were published on August 21. In those projections, the federal budget deficit is nearly $1 trillion in 2019 and averages $1.2 trillion each year between 2020 and 2029. Because of persistently large deficits, federal debt held by the public is projected to grow steadily, reaching 95 percent of gross domestic product (GDP) in 2029.
Real GDP is projected to grow by 2.3 percent in 2019, supporting strong labor market conditions that feature low unemployment and rising wages. Economic growth is projected to slow to an average of 1.8 percent through 2029, which is less than the long-term historical average. That slowdown occurs primarily because the labor force is expected to grow more slowly than it has in the past.
Ukraine Monthly Economic Review, July 2017 DIXI Group
Highlights
On 13 July, the Ukrainian Parliament approved a draft of the pension reform in the first reading. Thus, Ukraine moved one step closer to the next IMF tranche, and in our base case scenario the fourth review may be accomplished and the fifth tranche be released this fall.
After the decline in industrial output earlier this year, recent development shows a return to growth. Retail sales dynamics remain strong. Nevertheless, the National Bank slightly cut its growth estimate for this year on the weak H1 and a weaker harvest estimate. We keep our conservative growth estimate of 1.5% yoy for the time being.
Inflation surprised to the upside to 15.6% on higher food prices in June. We now see growing risk that inflation may leave targeted for this year range (8% yoy +/-2 pp) from the upper bound, i.e. resulting in low double-digit inflation at year-end. So far, we keep our 2017 forecast at 9.5% yoy (eop).
UAH strengthened vis-a-vis the dollar in July, falling below the level of USD/UAH 26 and allowing the NBU to increase FX reserves to almost USD 18 bn. With inflation risks elevated, the NBU stopped cutting its key rate and kept it stable at 12.5% in July and August. However, some additional restrictions on the FX market were removed or may be removed soon.
Will RBI rate cut keep inflation under check in 2015?IndiaNotes.com
While RBI has begun the rate cut cycle, plenty of headroom for further cuts would be generated going forward as low inflation would be the defining feature of 2015.
Ukraine Monthly Economic Review, June 2017 DIXI Group
Highlights
The government drafted a pension reform and introduced the bills to the Parliament. In its updated memorandum, the IMF is also demanding a land reform and additional measures against corruption. We think the next IMF tranche may be released after the summer break, likely in autumn 2017.
Recent economic indicators point to better economic conditions: Q1 GDP has been slightly revised upwards to 2.5% yoy, and the May figures for industrial production (1.2% yoy) and retail sales (10.7% yoy) have been better than expected. Nevertheless, with cumulative industrial output down in the first five months of 2017, we lowered our GDP growth estimate for 2017 from 2% to 1.5% yoy.
The inflation rate accelerated to 13.5 % yoy in May, due to higher food prices. Nevertheless, the National Bank may cut the key interest rate further by 50bp to 12% in order to support economic growth at its next meeting on Thursday, 6 July.
FX reserves reached USD 17.6 bn in end-May, given a favourable situation on the FX market allowing for FX purchases. The exchange rate traded rather stable around USD/UAH 26.
The NBU tweaked FX market regulation, simplifying investment abroad and FX forward transactions as well as introducing electronic FX transfer licenses for individuals.
Euromonitor International Analytics offers precise
answers to vital business questions in an increasingly
fast-paced and uncertain world. Our Macro
Model provides regularly updated forecasts and
“what-if” scenarios for core macroeconomic
variables, including real gdp growth, inflation,
unemployment and interest rate. Its global
scope ensures our macro forecasts and scenarios
reflect the economically inter-connected world in
which we live.
The Global Economic Forecasts report explains
the quarterly updates of the Macro Model, with
analysis focused on quarterly macro changes for the
world’s key economies and what these mean
to our view of the likely, optimistic and pessimistic
scenarios for the global economy. Ultimately, we help
businesses stay ahead of risks and opportunities as
they emerge on a macroeconomic basis.
The global economy started 2017 strong with real
gdp growth gaining momentum and rising to 3.6%
in q1 2017. We have maintained our global real
gdp growth forecast at 3.5% for 2017-2018. Despite
standing above the annual 3.2% growth in 2016,
the forecast is still considerably below the pre-crisis
growth levels.
Atradius Country Report - United Kingdom – April 2014Salih Yilmaz
Main economic developments
Economic growth will accelerate further in 2014
According to the Office of National Statistics (ONS), in the last quarter of 2013 the UK’s GDP increased 0.7% on the
previous quarter (see chart below) and 1.7% for the full year - well above expectations at the beginning of 2013.
Printer Version - Board of Governors of the Federal Reserve Sy.docxChantellPantoja184
Printer Version - Board of Governors of the Federal Reserve System
http://www.federalreserve.gov/newsevents/press/monetary/20150917a.htm[9/21/2015 2:49:59 PM]
Print
Press Release
Release Date: September 17, 2015
For immediate release
Information received since the Federal Open Market Committee met in July suggests that economic activity
is expanding at a moderate pace. Household spending and business fixed investment have been increasing
moderately, and the housing sector has improved further; however, net exports have been soft. The labor
market continued to improve, with solid job gains and declining unemployment. On balance, labor market
indicators show that underutilization of labor resources has diminished since early this year. Inflation has
continued to run below the Committee's longer-run objective, partly reflecting declines in energy prices and
in prices of non-energy imports. Market-based measures of inflation compensation moved lower; survey-
based measures of longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price
stability. Recent global economic and financial developments may restrain economic activity somewhat and
are likely to put further downward pressure on inflation in the near term. Nonetheless, the Committee
expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace,
with labor market indicators continuing to move toward levels the Committee judges consistent with its
dual mandate. The Committee continues to see the risks to the outlook for economic activity and the labor
market as nearly balanced but is monitoring developments abroad. Inflation is anticipated to remain near
its recent low level in the near term but the Committee expects inflation to rise gradually toward 2 percent
over the medium term as the labor market improves further and the transitory effects of declines in energy
and import prices dissipate. The Committee continues to monitor inflation developments closely.
To support continued progress toward maximum employment and price stability, the Committee today
reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains
appropriate. In determining how long to maintain this target range, the Committee will assess progress--
both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This
assessment will take into account a wide range of information, including measures of labor market
conditions, indicators of inflation pressures and inflation expectations, and readings on financial and
international developments. The Committee anticipates that it will be appropriate to raise the target range
for the federal funds rate when it has seen some further improvement in the labor market and is
reasonably confident that inflation will move back to its 2 percent objective over the medium ter.
Similar to OTP Bank_Report 20170609_Inflation (20)
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
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how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
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Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
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what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
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You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
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how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
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OTP Bank_Report 20170609_Inflation
1. www.otpresearch.com
REPORT – HUNGARIAN INFLATION
REPORT ON INFLATION
09 June 2017
Food and tobacco prices pushed inflation in May, but
low oil prices add to downside risks in the medium term
Hungary CPI was 2.1% YoY in May, exceeding our short-term forecast‟s 1.9% figure, but in line
with market consensus. Inflation without volatile items and all government measures
accelerated to 1.9% from 1.7% last month, after lingering about 1.0% for an extended period
(from spring 2014 to autumn 2016). Trend inflation (aggregation of goods and market services)
was 1.6%, up from 1.5% a month earlier. Its annualized 3M/3M change (rolling QoQ) was also
1.6%.
The incoming data are in line with our big picture: underlying inflation is reviving, but
government measures and fuel prices (due to base effects) generate high volatility around it. To
recap: inflation was 1% in October, 2.9% in February, and 2.1% in May. And this unusual
volatility was generated by fuel prices. Although the published data was higher than we had
expected in our short-term forecast, inflation in May got closer to our medium-term forecast‟s
figure (2.5%).
The higher-than-expected inflation in May came from the stronger unprocessed food inflation,
higher fuel prices, and higher tobacco prices. In the case of unprocessed food, we see that
inflation acceleration was widespread at the sub-items level and inflation accelerated particularly
strongly in the core unprocessed segment (unprocessed food w/o very volatile seasonal foods),
which predicts that this acceleration may spill over into processed food prices. In that case,
processed foods‟ inflation (which is currently lower than in our medium-term forecast) will
gradually converge with our medium-term forecast‟s figure.
Our agri-commodity trackers show that agricultural commodities‟ prices have started to rise.
This definitely appeared in the core unprocessed food segment first, and pushed this item‟s
inflation above our medium-term forecast‟s figure. We think a similar phenomenon will also
appear in the core processed segment soon. In the core unprocessed foods segment, our
econometric model suggests that the price level is below the long-term equilibrium level, which
is determined by the agri-commodity prices. We can see similar pattern in the core processed
food segment. This implies that further food price increase may be in the pipeline.
However, fuel price inflation was somewhat higher than we had assumed in our short-term
forecast – fuel prices are much lower than our medium-term forecast‟s figure. This is important
because the entire difference between our medium-term forecast‟s prediction for May inflation
and the published data (0.4%points) relates to the lower fuel prices. The reason for the lower-
than-expected fuel prices is the lower-than-expected oil price, and we do not see any reason for
oil prices to converge rapidly with our medium-term forecast‟s assumption (it is based on oil
futures). This means that the lower oil prices can reduce inflation in 2017 as a whole.
Inflation in the „core service‟ segment still shows the signs of reviving domestic inflation, as the
annualized 3M/3M change of this group remained around 4%. Goods‟ inflation also showed
some revival as it accelerated to 0.4%, from 0.1% last month. Our imported inflation indicator
also suggests that the disinflation period in this segment may come to an end. As we wrote in
our GDP report, household consumption expenditure growth was particularly strong in the semi-
durables and in the durables segment. These segments are strongly correlated with our non-
durable goods and durable goods inflation categories.
Currently we forecast 2.5% inflation for 2017, but downside risks have risen. To highlight the
uncertainty around our medium-term forecast, we refresh our forecast by the end of 2017. This
forecast contains the new incoming data and some revisions in some assumption (such as oil
prices, agricultural commodities). This refreshed forecast indicates 2.2% inflation for this year as
a whole. But the final figure will strongly depend on the evolution of oil prices.
From monetary policy point of view, we foresee inflation to peak in August, in the 2.5-3% YoY
territory. However, our forecast assumes that the government will introduce some inflation
reduction measures (about which the government has not yet decided) before the 2018 spring
parliamentary election. These measures may drive CPI considerably down towards the end of
the year. Taking into account that the MNB forecasted about 3% CPI for the entire forecast
Trading Desks
Dealing code: OTPH
Live quotes at
OTP BLOOMBERG page
This report is available at
BLOOMBERG:
OTP/Macroeconomics
Research page
Fixed Income Desk
András Sovány
+36 1 288 7561
SoványA@otpbank.hu
Benedek Károly Szűts
+36 1 288 7560
SzutsB@otpbank.hu
FX Desk
András Marton
+36 1 288 7523
MartonA@otpbank.hu
József Horváth
+36 1 288 7514
Horvath.Jozsef@otpbank.hu
Money Market Desk
Gábor Fazekas
+36 1 288 7536
FazekasGa@otpbank.hu
Gábor Heidrich
+36 1 288 7534
HeidrichG@otpbank.hu
Judit Szombath
+36 1 288 7533
SzombathJ@otpbank.hu
FX Option Desk
Gábor Réthy
+36 1 288 7524
RethyG@otpbank.hu
Máté Kelemen
+36 1 288 7525
KelemenMat@otpbank.hu
Analyst
Győző Eppich
+36 1 374 7274
EppichGyo@otpbank.hu
2. www.otpresearch.com
REPORT – HUNGARIAN INFLATION
horizon in March 2017 (and its inflation target is 3%) and because Deputy Governor Márton Nagy indicated so, no
tightening of the monetary conditions is expected before 2019. Instead, the National Bank of Hungary will operate
with liquidity fine-tuning measures such as FX swap tenders.
Chart 1: Summary chart of inflationary processes
(annual changes, %)
1.Chart 2: Core* and trend inflation*
(annual changes, %)
Sources: HCSO, OTP Research Sources: HCSO, OTP Research
*: Filtered from indirect tax and visit fee changes, and one-off items
2.
Chart 3: Underlying inflation indicators*
(annualized MoM changes, %)
3.Chart 4: Trend inflation*
(annualized 3M/3M changes, %)
Sources: HCSO, OTP Research
*: Filtered from indirect tax and visit fee changes, and one-off items
Sources: HCSO, OTP Research
*: Filtered from indirect tax (including financial transaction tax) and
visit fee changes
-2
-1
0
1
2
3
4
5
6
7
8
-2
-1
0
1
2
3
4
5
6
7
8
Jan/2008
Jul/2008
Jan/2009
Jul/2009
Jan/2010
Jul/2010
Jan/2011
Jul/2011
Jan/2012
Jul/2012
Jan/2013
Jul/2013
Jan/2014
Jul/2014
Jan/2015
Jul/2015
Jan/2016
Jul/2016
Jan/2017
Inflation (excluding fuel and seasonal food, filtered from indirect tax changes and from cut on utiliy costs)
Inflation (filtered from indirect tax changes and from cut on utility costs)
Inflation
Inflation (excluding fuel and seasonal food)
0
1
2
3
4
5
6
0
1
2
3
4
5
6
Jan/2005
Jul/2005
Jan/2006
Jul/2006
Jan/2007
Jul/2007
Jan/2008
Jul/2008
Jan/2009
Jul/2009
Jan/2010
Jul/2010
Jan/2011
Jul/2011
Jan/2012
Jul/2012
Jan/2013
Jul/2013
Jan/2014
Jul/2014
Jan/2015
Jul/2015
Jan/2016
Jul/2016
Jan/2017
Trendinflation (market services and goods, according to MNB's old methodology)
Core inflation (excluding alcohol and tobacco, according to MNB's old methodology)
-2
0
2
4
6
8
10
Jan/2005
Jul/2005
Jan/2006
Jul/2006
Jan/2007
Jul/2007
Jan/2008
Jul/2008
Jan/2009
Jul/2009
Jan/2010
Jul/2010
Jan/2011
Jul/2011
Jan/2012
Jul/2012
Jan/2013
Jul/2013
Jan/2014
Jul/2014
Jan/2015
Jul/2015
Jan/2016
Jul/2016
Jan/2017
6M MA of trend inflation
6M MA of inflation w/o volatile items and all governmental measures
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Jan/2010
Jul/2010
Jan/2011
Jul/2011
Jan/2012
Jul/2012
Jan/2013
Jul/2013
Jan/2014
Jul/2014
Jan/2015
Jul/2015
Jan/2016
Jul/2016
Jan/2017
4. www.otpresearch.com
REPORT – HUNGARIAN INFLATION
Disclaimer
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explanation of the matters contained therein. This document (a) has not been prepared in accordance with legal requirements designed to
promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination of
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subject to change without notice.
This communication does not contain a comprehensive analysis of the described issues. This material is for informational purposes only. This
document is not intended to provide the basis for any evaluation of the financial instruments discussed herein. In particular, information in this document
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