At the beginning of the crisis, we saw that the protracted recession upset all of the price and wage-setting routines that had led to the stubborn inflation of previous years. Disregarding  BIS central bankers’ speeches  5  the effects of tax increases and commodity prices, Hungary has as low rate of inflation as its neighbours.
Price stability, however, is not merely a question of the level of inflation today; rather, it depends on what economic agents think about future inflation.