The National Bank of Hungary has cut its inflation forecast for 2014 to -0.2% and in 2015 it expects consumer prices to rise 0.9%, its latest quarterly “Inflation Report” shows. The central bank forecasts 2016 inflation to average 2.9%. It had originally expected inflation of 0.1% in 2014 and 2.5% this year. The bank targets inflation of 3% in the medium term. It left its projection for 2014 economic growth unchanged at 3.3% while cutting the forecast for 2015 growth slightly to 2.3% from 2.4%. Growth is expected to ease further to 2.1% in 2016. The Central Statistical Office recently reported that consumer prices had fallen by an annual 0.2% in January-November 2014. The economy grew by 3.6% in the first three quarters compared with 2013. The government projected annual average inflation of 1.8% and GDP growth of 2.5% for 2015 when calculating this year’s budget, passed by parliament in December.