MNB alters Hungary's inflation aim

The National Bank of Hungary (MNB) will miss its inflation target for this year because of increasing crude oil prices and domestic wages, MNB President Zsigmond Jarai announced Monday.

Analysts said the central bank was forced to revise its inflation targets after it cut its benchmark rate by 200 basis points to 6.5% in January.

Inflation at the end of 2003 is likely to be higher than the central bank's current target of 4.5%, Jarai was cited as saying by newswire MTI.

Jarai cited rising world