Global factors such as rising energy and grain prices account for 80% of Hungarian inflation, Márton Nagy, the minister of economic development, said in a newspaper interview published on Wednesday.
Nagy told the daily Magyar Hírlap that recent forint weakening was linked to global developments and could be traced back to the US inflation data released last Friday. The minister said inflationary tensions were growing, and he also spoke of the risk of a recession. He noted that bond yields are rising, setting a challenge for the region and southern European states. Much depends on how the war in Ukraine pans out, he said, adding that next year could be tougher than the current one.