Hungarian Central Bank Revises Down Inflation Forecast

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The annual average inflation rate is expected to stand at 4.2% this year, compared to 6.1% in the previous year, the National Bank of Hungary said in its quarterly inflation report on Wednesday. The central bank had projected a 4.5% inflation rate in its previous report.

Looking ahead, the bank sees an inflation rate of 3.9% for 2010 in November's report, instead of 4.1% in August, and 1.9% in 2011, revised down from 2.1%.

Meanwhile, the central bank retained its earlier prediction for full-year GDP to contract 6.7% this year, but sees the GDP growth rate at minus 0.6% next year, better than August's minus 0.9% forecast. The bank retained its GDP expectations for 3.4% growth in 2011.

The annual average inflation rate is expected to stand at 4.2% this year, compared to 6.1% in the previous year, the National Bank of Hungary said in its quarterly inflation report on Wednesday. The central bank had projected a 4.5% inflation rate in its previous report. (Market News Provided by RTTNews)