In October, inflation in Hungary rose to an annual rate of 3.2%, surpassing the 3% target set by policymakers in September.

However, this increase was lower than the 3.5% median estimate from a Bloomberg survey, indicating that consumer prices rose at a slower pace than expected.

Prices also saw a slight increase of 0.1% on a month-on-month basis. Despite the lower-than-expected annual rate, inflationary pressures persist, which may limit the central bank's ability to further reduce interest rates due to the weakened currency.