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Central bank to cut inflation estimate

Hungary's central bank will cut its forecast for the country's 2007 inflation rate this month, business daily Világgazdaság reported. The bank's next inflation report, due November 28, will cut its estimate for annual average inflation next year to 1% from 1.6%, as the government refrained from raising state- controlled prices, the newspaper said. Hungary's annual inflation rate declined to 3.2% in October, tying a 24-year low. The central bank has said it expects a cut to the country's value-added tax rate to slow inflation further next year.