MNB puts core inflation at 3.5% in 2013, 3.8% in ’14
The National Bank of Hungary projects core inflation, which excludes volatile fuel and food prices, to average 3.5% in 2013 and 3.8% in 2014, the central bank said in its latest quarterly Inflation report, published yesterday.
The forecasts for 2013 and 2014 were lowered from 3.8% and 4.2% in the previous report, published in June.
The MNB put core inflation excluding the indirect effects of taxes at 1.7% in 2013 and 2.8% in 2014, down from 1.9% and 3.1%, respectively, in the earlier report. The report's main projections, published earlier, on Tuesday, show the central bank expects lower inflation and higher growth both for 2013 and for 2014 than it did in June.
The central bank cut its forecast for average annual inflation in 2013 to 2.0% from 2.1%. It reduced the forecast for average annual inflation in 2014 to 2.4% from 3.2%. The MNB raised its forecast for GDP growth in 2013 to 0.7% from 0.6%. It raised the forecast for 2014 GDP growth to 2.1% from 1.5%. The government expects the economy to grow by 2.0% next year.
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