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MNB reforecasts inflation down for 2014, up for ‘15

MNB

Shortly after announcing another 10 bp cut to its base rate to yet another record of 2.60%, the National Bank of Hungary (MNB) also revealed lowered inflation forecasts for 2014 and raised the prognostication for 2015 as well in its newly-published quarterly inflation report.

Baseline projections from the report, to be published in full on Thursday, show the central bank lowered its forecast for average annual inflation in 2014 to 0.7% from 1.3% in the December report. The MNB raised the CPI forecast for 2015 to 3.0% from 2.8%.

The MNB left its projection for 2014 GDP growth unchanged at 2.1% while raising its forecast for 2015 growth slightly, to 2.5% from the 2.4% rate projected in December.

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