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MNB raises inflation projection for 2012

The National Bank of Hungary (MNB) on Tuesday said it raised its projection for average annual inflation in 2012 to 5.6% from a 5.0% forecast last December.

The projection is in the central bank's fresh quarterly Inflation Report to be published in full on Thursday.

The MNB kept its GDP projection for 2012 unchanged from the previous report at 0.1% growth.

The government targets GDP growth of 0.5% this year.

The MNB raised its projection for CPI in 2013 to 3.0% from 2.6%. It lowered its forecast for GDP growth to 1.5% from 1.6%.