While headline inflation remained steady in December, core inflation moved above 4% again, confounding the doves who expected a rate cut. After three months of decline, Hungary's headline inflation steadied at 2.7% year-on-year in December. This is a result of a 0.3% average price increase over a month. Both readings are a tad below the market consensus, but matched ING’s forecast. The details also matched our expectations but with a twist.