BUDAPEST, Feb 22 (Reuters) - Options for a 75 basis point and 100 basis point rate cut will both be on the table at the next meeting of Hungary's central bank on Feb. 27, Deputy Governor Barnabas Virag said in an interview on news site Index.hu published on Thursday.

"There are new arguments supporting both options, so the outcome of the rate decision is entirely open," Virag said.

"The January inflation data could provide arguments for a temporary acceleration of rate cuts, at the same time a shift in the rate cuts (planned) by the Fed and ECB argues for maintaining a 75 bps pace," he added, referring to the U.S. Federal Reserve and the European Central Bank.

Last month, the National Bank of Hungary (NBH) cut its base rate by 75 basis points to 10%, holding off on larger cuts amid a rise in market risks.

Two of nine rate setters wanted to cut interest rates by 100 basis points but falls in the forint derailed the central bank's plan to accelerate its pace of easing from a monthly 75 bps, according to minutes of the January meeting.

Despite a fast slowdown in inflation to an annual 3.8% in January, an almost three-year low, the central bank "must not sit back" as inflation is a stubborn phenomenon, Virag said on Thursday.

He said that in the coming months inflation would likely remain close to the top of the central bank's tolerance range of one percentage point either side of its 3% inflation target. But in the middle of the year, inflation would rise again temporarily because of base effects.

"Economic policy must give a credible guidance on that inflation would remain at a lastingly low level ... and that the 3% target would be achievable in 2025," Virag said.

He said the bank aimed for a rate cutting path that would ensure the continuation of disinflation and financial stability while supporting a revival of market-based lending.

Hungary's economy remained flat both on a quarter-on-quarter and annual basis in the fourth quarter, well below analysts' forecasts for a 0.9% expansion.

(Reporting by Krisztina Than; Editing by Kim Coghill and Sharon Singleton)