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GKI raises inflation forecast for 2012

Economic research company GKI raised its projection for average annual inflation in 2012 from 5.0% to 5.3%.

GKI announced the modification a day after the National Bank of Hungary raised its projection for CPI in 2012 from 5.0% to 5.6% in its fresh quarterly Inflation Report.

GKI chairman András Vértes said GKI was standing by its projection for a 1.5% economic contraction in Hungary this year, the same as it forecast last December. 

Next year, the economy could grow at about the same pace as it contracted in 2012, according to GKI.