{"id":3252,"date":"2025-10-09T09:52:27","date_gmt":"2025-10-09T09:52:27","guid":{"rendered":"https:\/\/blog.spbinvest.hu\/?p=3252"},"modified":"2025-10-09T09:52:27","modified_gmt":"2025-10-09T09:52:27","slug":"spb-az-inflacio-lassabban-merseklodik-a-vartnal-az-eurozonaban","status":"publish","type":"post","link":"https:\/\/blog.spbinvest.hu\/?p=3252","title":{"rendered":"SPB: Az infl\u00e1ci\u00f3 lassabban m\u00e9rs\u00e9kl\u0151dik a v\u00e1rtn\u00e1l az Euroz\u00f3n\u00e1ban"},"content":{"rendered":"<p><strong>A piac mark\u00e1ns \u00f6szt\u00f6nz\u0151 int\u00e9zked\u00e9sekre sz\u00e1m\u00edt az okt\u00f3beri k\u00ednai p\u00e1rtgy\u0171l\u00e9st k\u00f6vet\u0151en, amelyek kedvez\u0151en hathatnak a feldolgoz\u00f3ipar teljes\u00edtm\u00e9ny\u00e9re. A n\u00e9met feldolgoz\u00f3iparban cs\u00f6kken\u00e9snek indult a megrendel\u00e9sek sz\u00e1ma, emellett az infl\u00e1ci\u00f3 m\u00e9rt\u00e9ke sem a v\u00e1rakoz\u00e1soknak megfelel\u0151en alakul. Elk\u00e9pzelhet\u0151, hogy az EKB decemberi kamatd\u00f6nt\u0151 \u00fcl\u00e9s\u00e9n m\u00e9gsem ker\u00fcl sor a k\u00f6vetkez\u0151 kamatcs\u00f6kkent\u00e9sre. Az Egyes\u00fclt \u00c1llamokban a fogyaszt\u00e1s gyenge l\u00e1bakon \u00e1ll, a munkaer\u0151piaci helyzet alakul\u00e1sa pedig szint\u00e9n k\u00e9rd\u00e9seket vet fel. Mindazon\u00e1ltal a recesszi\u00f3 vesz\u00e9lye tov\u00e1bbra sem fenyeget.<\/strong><\/p>\n<p>A k\u00ednai feldolgoz\u00f3ipar 2019 \u00f3ta a leghosszabb visszaes\u0151 szakasz\u00e1t \u00e9li, h\u00f3napok \u00f3ta nem \u00e9ri el az 50 pontos szintet. Az okt\u00f3beri p\u00e1rtgy\u0171l\u00e9sen v\u00e1rhat\u00f3an az \u00faj \u00f6t\u00e9ves fejleszt\u00e9si terv is napirendre ker\u00fcl, amelynek egyik f\u0151 c\u00e9lja az aktivit\u00e1s n\u00f6vel\u00e9se az 5,6%-os GDP-n\u00f6veked\u00e9s fenntart\u00e1sa \u00e9rdek\u00e9ben. Az \u00f6szt\u00f6nz\u0151k jelent\u0151s r\u00e9sze v\u00e1rhat\u00f3an a termel\u0151szektort c\u00e9lozza majd, \u00edgy \u00e9rdemes figyelemmel k\u00eds\u00e9rni az aut\u00f3gy\u00e1rt\u00f3 v\u00e1llalatok teljes\u00edtm\u00e9ny\u00e9t a k\u00f6vetkez\u0151 id\u0151szakban. A kor\u00e1bbi struktur\u00e1lis probl\u00e9m\u00e1k tov\u00e1bbra is fenn\u00e1llnak, ezeket igyekszik enyh\u00edteni a k\u00ednai vezet\u00e9s.<\/p>\n<p>A n\u00e9met feldolgoz\u00f3ipar 2025 szeptember\u00e9ig kiel\u00e9g\u00edt\u0151 teljes\u00edtm\u00e9nyt ny\u00fajtott, azonban a lend\u00fclet megtorpanni l\u00e1tszik. Az \u00faj megrendel\u00e9sek sz\u00e1ma cs\u00f6kken, \u00e9s er\u0151s\u00f6dik a bizonytalans\u00e1g a szektorban. A piac fokozott v\u00e1rakoz\u00e1ssal tekint a kil\u00e1t\u00e1sba helyezett \u00f6szt\u00f6nz\u0151 int\u00e9zked\u00e9sek el\u00e9.<\/p>\n<p>Az infl\u00e1ci\u00f3 alakul\u00e1sa tov\u00e1bbra is kedvez\u0151tlen mind N\u00e9metorsz\u00e1gban, mind az Euroz\u00f3na eg\u00e9sz\u00e9ben. Az energiahordoz\u00f3kra vonatkoz\u00f3 b\u00e1zishat\u00e1s kedvez\u0151tlen\u00fcl \u00e9rezteti hat\u00e1s\u00e1t: az energia\u00e1rak m\u00e1r nem k\u00e9pesek olyan m\u00e9rt\u00e9kben m\u00e9rs\u00e9kl\u0151dni, hogy az tov\u00e1bb cs\u00f6kkentse a CPI \u00e9rt\u00e9k\u00e9t. A Bundesbank v\u00e1rakoz\u00e1sai szerint a n\u00e9met infl\u00e1ci\u00f3 el\u00e9rheti a 2%-ot, azonban ennek megval\u00f3sul\u00e1s\u00e1ra csek\u00e9ly az es\u00e9ly. A szolg\u00e1ltat\u00e1sok infl\u00e1ci\u00f3s \u00fcteme is emelkedni kezdett. Egyre val\u00f3sz\u00edn\u0171bb, hogy az EKB decemberre v\u00e1rt kamatcs\u00f6kkent\u00e9se elmaradhat. Az eur\u00f3 enyhe gyeng\u00fcl\u00e9st mutatott a francia minisztereln\u00f6k lemond\u00e1s\u00e1t k\u00f6vet\u0151en.<\/p>\n<p>\u00d6t h\u00f3napos m\u00e9lypontra esett a Conference Board Fogyaszt\u00f3i Bizalom Index, els\u0151sorban a munkaer\u0151piaci helyzettel \u00e9s a t\u00e1gabb gazdas\u00e1gi kil\u00e1t\u00e1sokkal kapcsolatos aggodalmak miatt. A fogyaszt\u00f3k v\u00e1s\u00e1rl\u00e1si hajland\u00f3s\u00e1ga ugyanakkor tov\u00e1bbra is magas, \u00e1m a fogyaszt\u00e1s els\u0151sorban a megtakar\u00edt\u00e1sok fel\u00e9l\u00e9s\u00e9b\u0151l t\u00e1pl\u00e1lkozik, \u00edgy hossz\u00fa t\u00e1von nem fenntarthat\u00f3. Az el\u0151rejelz\u00e9sek mindazon\u00e1ltal egyel\u0151re ink\u00e1bb pozit\u00edvak.<\/p>\n<p>Az ADP foglalkoztatotts\u00e1gi jelent\u00e9s sem fest kedvez\u0151 k\u00e9pet a munkaer\u0151piacr\u00f3l, ez\u00e9rt tov\u00e1bbi kamatcs\u00f6kkent\u00e9sekre lehet sz\u00e1m\u00edtani a Fed r\u00e9sz\u00e9r\u0151l. A befektet\u0151k \u00e9l\u00e9nk v\u00e1rakoz\u00e1ssal tekintenek a k\u00f6zelj\u00f6v\u0151ben \u00e9rkez\u0151 t\u00e9nyleges munkaer\u0151piaci adatok el\u00e9.<\/p>\n<p>A feldolgoz\u00f3ipari PMI alakul\u00e1sa alapj\u00e1n az amerikai gazdas\u00e1g tov\u00e1bbra is ink\u00e1bb a visszaes\u00e9s szakasz\u00e1ban van. Az akadoz\u00f3 kereslet \u00e9s a bizonytalan makrogazdas\u00e1gi k\u00f6rnyezet miatt ezen a t\u00e9ren jelent\u0151s v\u00e1ltoz\u00e1s nem v\u00e1rhat\u00f3. A chicag\u00f3i feldolgoz\u00f3ipari PMI szerint h\u00e9t ponttal cs\u00f6kkent a megrendel\u00e9s\u00e1llom\u00e1ny, \u00e9s a foglalkoztat\u00e1s is m\u00e9rs\u00e9kl\u0151d\u00f6tt. B\u00e1r a tendencia aggodalomra ad okot, a recesszi\u00f3 vesz\u00e9lye tov\u00e1bbra sem \u00e1ll fenn.<\/p>\n<p>Az olajpiacon az OPEC a v\u00e1rtn\u00e1l kisebb m\u00e9rt\u00e9kben, mind\u00f6ssze napi 137 ezer hord\u00f3val n\u00f6veli a kitermel\u00e9st novemberben.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A piac mark\u00e1ns \u00f6szt\u00f6nz\u0151 int\u00e9zked\u00e9sekre sz\u00e1m\u00edt az okt\u00f3beri k\u00ednai p\u00e1rtgy\u0171l\u00e9st k\u00f6vet\u0151en, amelyek kedvez\u0151en hathatnak a feldolgoz\u00f3ipar teljes\u00edtm\u00e9ny\u00e9re. A n\u00e9met feldolgoz\u00f3iparban cs\u00f6kken\u00e9snek indult a megrendel\u00e9sek sz\u00e1ma, emellett az infl\u00e1ci\u00f3 m\u00e9rt\u00e9ke sem a v\u00e1rakoz\u00e1soknak megfelel\u0151en alakul. Elk\u00e9pzelhet\u0151, hogy az EKB decemberi kamatd\u00f6nt\u0151 \u00fcl\u00e9s\u00e9n m\u00e9gsem ker\u00fcl sor a k\u00f6vetkez\u0151 kamatcs\u00f6kkent\u00e9sre. Az Egyes\u00fclt \u00c1llamokban a fogyaszt\u00e1s gyenge l\u00e1bakon \u00e1ll,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":3253,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-3252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-elemzes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SPB: Az infl\u00e1ci\u00f3 lassabban m\u00e9rs\u00e9kl\u0151dik a v\u00e1rtn\u00e1l az Euroz\u00f3n\u00e1ban - SPB Blog<\/title>\n<meta name=\"description\" content=\"A piac mark\u00e1ns \u00f6szt\u00f6nz\u0151 int\u00e9zked\u00e9sekre sz\u00e1m\u00edt az okt\u00f3beri k\u00ednai p\u00e1rtgy\u0171l\u00e9st k\u00f6vet\u0151en, amelyek kedvez\u0151en hathatnak a feldolgoz\u00f3ipar teljes\u00edtm\u00e9ny\u00e9re. A n\u00e9met feldolgoz\u00f3iparban cs\u00f6kken\u00e9snek indult a megrendel\u00e9sek sz\u00e1ma, emellett az infl\u00e1ci\u00f3 m\u00e9rt\u00e9ke sem a v\u00e1rakoz\u00e1soknak megfelel\u0151en alakul. Elk\u00e9pzelhet\u0151, hogy az EKB decemberi kamatd\u00f6nt\u0151 \u00fcl\u00e9s\u00e9n m\u00e9gsem ker\u00fcl sor a k\u00f6vetkez\u0151 kamatcs\u00f6kkent\u00e9sre. Az Egyes\u00fclt \u00c1llamokban a fogyaszt\u00e1s gyenge l\u00e1bakon \u00e1ll, a munkaer\u0151piaci helyzet alakul\u00e1sa pedig szint\u00e9n k\u00e9rd\u00e9seket vet fel. 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A n\u00e9met feldolgoz\u00f3iparban cs\u00f6kken\u00e9snek indult a megrendel\u00e9sek sz\u00e1ma, emellett az infl\u00e1ci\u00f3 m\u00e9rt\u00e9ke sem a v\u00e1rakoz\u00e1soknak megfelel\u0151en alakul. Elk\u00e9pzelhet\u0151, hogy az EKB decemberi kamatd\u00f6nt\u0151 \u00fcl\u00e9s\u00e9n m\u00e9gsem ker\u00fcl sor a k\u00f6vetkez\u0151 kamatcs\u00f6kkent\u00e9sre. Az Egyes\u00fclt \u00c1llamokban a fogyaszt\u00e1s gyenge l\u00e1bakon \u00e1ll, a munkaer\u0151piaci helyzet alakul\u00e1sa pedig szint\u00e9n k\u00e9rd\u00e9seket vet fel. 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