Hungary cbank raises base rate 50 bp

Hungarian central bank rate-setters raised the base rate by 50 basis points to 3.40 percent at a regular policy meeting on Tuesday. The Monetary Council also expanded the interest rate corridor by the same extent. In a statement released after the meeting, the Council said "the risks to the outlook for inflation have increased and continue to be on the upside", while "persistently high" commodity, crop, food and energy prices and elevated international freight costs "continue to point to sustained external inflationary pressures".