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Annual inflation rate reaches 8.63%

de Radu Rizea
Luni, 14 aprilie 2008, 11:52 English | Top News

The consumption prices indicator (IPC), measuring the inflation, increased 0.67% in March, compared to the previous month, while the annual inflation rate increased to 8.63%, the highest level since 2006. According to the data at the National Statistics Institute (INS), the highest price growth was recorded in services (0.92%), while prices for food and non-food products increased 0.55% and 0.67%, respectively.

In services, the main areas that seen prices growing were air transport - 1.88% and telephony - 1.87%. In non-food products, the main growing prices were for fuel - 2.31%, cars and spare parts - 1.34%, tobacco and cigarettes - 1.29%. Food products price increase was seen mostly in citric fruits - 6.77%, edible oil - 3.44% and sheep cheese - 2.38%. The price for eggs, potatoes and beans decreased between 0.79 and 10.82%.

At the beginning of February, the Romanian Central Bank (BNR) revised its prediction for the 2008 inflation level from 4.3 to 5.9%, but decided to maintain the 3.8% inflation target for this year.

"We will have over 8% inflation at the end of this quarter, then the level will be maintained through the second quarter and will begin to descend afterwards", said Isarescu when the estimations were revised. BNR also estimates a 3.9% inflation rate in 2009. 

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