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rdf:type	schema:NewsArticle
schema:articleBody	Hungary's central bank announced Tuesday its first interest rate hike in a decade to counter inflation risks as the country's economy recovers from a pandemic-induced recession. The 0.3 percentage point hike takes Hungary's base rate to 0.9 percent, the level at which it was before Covid-19 lockdowns. "A rate-hiking cycle has begun and will continue until inflation falls to a sustainable level," said the bank's governor, Gyorgy Matolcsy. Annual inflation hit 5.1 percent in May, considerably above the 3 percent target set by the bank. It warned that as reopening of the Hungarian economy continued that strong demand hands firms the opportunity to pass on higher raw material costs, thus fuelling inflation. The central bank said inflation should slowly decline but remain above its acceptable limit for the rest of the year. While the US Federal Reserve and the European Central Bank have held off raising interest rates to ensure their economic recoveries are on a firm footing, a number of countries such as Brazil, Russia and Iceland have hiked them to combat rising inflation. Hungary's central bank also hiked its growth forecast. It now expects Hungary's economy to expand by 6 percent this year after having contracted by 5 percent last year. mg-anb/rl/tgb
schema:headline	Hungary raises interest rate for first time in decade
schema:mentions	European Central Bank Interest rate Hungary Federal Reserve Recession Iceland Inflation Russia Brazil Coronavirus disease 2019 Economy of Hungary Base rate »more»
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-06-22 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	74 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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