The National Bank of Hungary (NBH) lowered its annual average inflation projection for this year to 2.3 percent from 2.4 percent in a quarterly forecast released on Tuesday.
Hungary’s CPI was 2.4 percent in January-November, the latest data from the Central Statistical Office (KSH) shows.
The NBH left its projections for inflation in 2018 and 2019 unchanged at 2.5 percent and 2.9 percent, respectively, in the fresh Inflation Report.
The NBH projected inflation would reach an average annual 3.0 percent — the central’s bank’s mid-term target — in 2020.
The central bank raised its projections for this year’s GDP growth to 3.9 percent from 3.6 percent, and to 3.9 percent from 3.7 percent for next year.
The NBH left the projection for 2019 unchanged at 3.2 percent and now augurs 2.7 percent growth for 2020.
Hungary’s GDP grew by an unadjusted 3.8 percent in Q1-Q3, the latest data show, but the NBH said it assumes routine revisions will add 0.1 percentage point to that figure.