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MNB cuts inflation forecast to 1.7% for 2016

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The National Bank of Hungary (MNB) on Tuesday cut its inflation forecast to 1.7% in 2016 in the fan chart of its December Inflation Report compared to the 1.9% inflation it predicted in its earlier Inflation Report in September.

The MNB left the inflation forecast for 2015 unchanged at 0%. In a new data release for 2017, MNB predicts inflation will be at 2.6%.

According to the fan chart, the inflation goal of the central bank is still 3%, with the tolerance band at 4% and 2% respectively.

Economic growth in 2015 is forecast to be 3%, 0.2 percentage points lower than in the September Inflation Report.

GDP could grow by 2.5% in 2016, unchanged from the previous estimate, and by 3% in 2017, according to new data.

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