Hungary holds rates on inflation fears

The National Bank of Hungary's rate-setting board voted on Monday to hold rates at 7.5% after the central bank's inflation report revealed inflation would decline more slowly than anticipated.

The inflation report, also published on Monday, said: "We expect improvement from the starting point of low growth and high inflation, but it will probably take longer than previously expected, particularly as far as inflation is concerned. Consequently, average inflation next year will exceed the infla