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66 I New Europe in Numbers bne November 2023
European gas storage % full
Source: GIE AGSI
Russia monetary policy rate vs CPI inflation y/y
Source: CBR
Poland CPI v core inflation, annual change in %
Source: NBP
Hungary industrial production y/y
Europe's gas tank storage reaches an all-time high just before the winter heating season starts
Total gas reserves in the European Union have surged to an all-time high just as the heating season begins, according to Gas Infrastructure Europe (GIE), an industry group representing European gas operators.
European underground gas storage (UGS) facilities are 97.89% full as of October 14, surpassing the average for this time of year over the past five years by 8.54 percentage points.
Russia’s inflation breaches 6% target, banks prepare for next interest rate hike
Annual inflation in Russia reached 6.3% as of October 9, accelerating further from 6% seen in September, according to the latest data by the Central Bank of Russia (CBR). Separate estimates by the Ministry of Economic Development showed that based on weekly data, annual inflation accelerated to 6.38% as of October 16.
Annual inflation has thus effectively breached the 6%-7% full-year inflation guidance previously provided by the CBR in September.
Polish core inflation eases to 8.4% y/y in September
Poland’s core inflation, which measures price growth without food and energy, came in at 8.4% y/y in September, the rate easing 1.6pp versus August, the National Bank of Poland (NBP) said on October 16.
It was the sixth successive fall in core inflation’s y/y growth rate after
a growth series that lasted nearly two years. Core inflation easing is in line with other price growth indicators. CPI growth eased 1.9pp to 8.2% y/y in September, the statistical office GUS said last week.
Prices growing less sharply and the ongoing economic slowdown prompted the National Bank of Poland to cut its reference interest rate by a combined 100bp to 5.75% in September and October.
Hungary’s vehicle sector dents decline of industry in August
Industrial output fell 5.3% year on year (chart) in August and by 6.1% y/y when adjusted to working days, the Central Statistics Office (KSH) confirmed on October 13 in a detailed reading. The disappointing data came after a positive surprise in output in July.
The monthly 2.4% decline from July was the steepest among EU countries, according to data from Eurostat.
The breakdown by sector showed that the vehicle sector, which accounted for 23% of manufacturing output, dented the decline with a 4.6% annualised growth during the period, a slowdown from the 14.4% in July. This may be due to the effects of summer shutdowns, according to analysts.
Source: Hungary State Statistics agency
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