Állítsd be Google keresőjét, hogy a találatok között biztos ott legyen az Economx!
In its Quarterly Report on Inflation, MNB raised its 2005 inflation forecast to 3.6%, 0.3 percentage points above its previous forecast, published in May, while the 2006 forecast has been reduced by 1.8 percentage points to 1.6%. The latter reflects the projected positive effects of VAT reduction measures, to the tune of a reduction of 1.4 percentage points in headline inflation.
Contrary to previous reports, MNB did not provide end-year forecasts for the coming years, merely forecasts on annual average inflation. This is in line with the MNB's new inflation targeting policy, which emphasizes medium-term inflation targets as opposed to year-end targets, MNB governor Zsigmond Jarai said.
According to the report, planned reductions in the top VAT rate should result in a 1.9 percentage point "technical reduction" in headline inflation, simply recalculating gross prices with the new VAT rate. This should be offset by a "profit effect" amounting to 0.5 pp as retailers pocket some of the tax reduction – this is especially true in the case of products and services where competition is weak and price transparency is low, according to the report.
