Hungarian forint made a massive move: here is the new record

The Hungarian forint moved in a narrow range this week. It was unable to break free from the 370 EUR/HUF exchange rate level for long. However, the currency strengthened on Friday afternoon and climbed to a one-year record high.

Just a few days ago, we reported that the Hungarian forint hit a one-year high. On Wednesday, this record was breaking below the 368 EUR/HUF level. On Friday, the forint even went below 367.7, standing exactly at 367.69 at 5:40 PM, Index reports.

Inflation data was kind to the Hungarian forint

The most important factor in the strengthening of the forint was the May inflation data released on Thursday. The data showed that the consumer price index rose by 21.5 percent on an annual basis, while core inflation was 22.8 percent, Zoltán Varga, senior analyst at Equilor, pointed out to the Hungarian news portal.

“There are many positives to be taken from the data. On a monthly basis, food prices have stopped rising, while household energy has fallen by 3 percent as consumption declines,” the expert explained.

He added that the price of services continues to rise, with an increase of 0.9 percent compared to April.