The latest inflation readings range from nearly 16% in Romania to just over 20% in Hungary, way above central bank target bands ranging from 1% to 4%.
Europe have for months been at the forefront of the inflation battle, ahead of the curve both in terms of the acceleration of price pressures and the sometimes uneven efforts of its central banks to curb them.
“The longer inflation and wage pressures remain so strong, the greater is the risk that higher interest rates and sharp rises in unemployment are needed to weaken demand and restore price stability,” Capital Economics’ Emerging Europe economist Nicholas Farr said. Bucsa pointed to front-loaded consumer spending in the first nine months of the year, which he said showed households expect inflation to rise further and wage bargaining resulting in much higher wage growth than in the past.
“Everything has become more expensive, bread, basic foods…cooking ingredients, everything,” she said, as she queued for a hot meal on the outskirts of Budapest last week. The situation is less clear in Poland though credit holidays to ease the burden of higher central bank interest rates are remaining heading into 2023.LPP, Poland’s biggest retailer, has said it plans to raise prices by 7% to 19% to compensate for rising costs and exchange rate effects.
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