The Hungarian National Bank (Central Bank) Monetary Committee announced a 75 basis point interest rate cut on the 24th, lowering the benchmark interest rate from 13% to 12.25%. This is the first time the country has lowered the benchmark interest rate since the start of the interest rate hike cycle in June 2021. The Monetary Committee of the Hungarian Central Bank stated in a statement on the 24th that the central bank's strict monetary policy, government measures to strengthen market competition, and the decline in raw material prices are increasingly exerting a strong tightening effect. Hungary's inflation rate is expected to continue to decline, dropping to 7% -8% by the end of the year. According to the latest official data, Hungary's inflation rate has dropped from its peak of 25.7% in January this year to 12.2% in September. The Hungarian central bank has been raising interest rates since June 2021, and as of September 2022, it has raised the benchmark interest rate from 0.6% to 13% 17 times during this cycle.