Hungary policy makers raise base rate 30 bp to 0.90 pc

The Monetary Council of the National Bank of Hungary (NBH) decided to raise the central bank base rate by 30 basis points to 0.90 percent at a monthly policy meeting on Tuesday. NBH policy makers had kept the base rate on hold at 0.60 percent since last summer, but inflation reached 5.1 percent in both April and May, well outside of the +/- one-percentage-point tolerance band around the central bank's 3.0 percent mid-term target.