In August the country reported a monthly deflation of 0.09% and an annual consumer price inflation of 8.02%.
The median forecast of three bank analysts polled by SeeNews earlier this week put Romania’s September monthly consumer price index (CPI) at 0.25%. They projected an annual rise in prices of between 7.1% and 7.2% in September.
Food prices appreciated by 0.33% month-on-month in September, mainly due to a 1.09% rise in the prices of dairy products and a 0.68% rise the prices of meat products. Prices of eggs went up by 8.29% last month.
Non-food prices were up only 0.19% month-on-month in September, as electricity, gas and hetaing prices remained unchanged and those of fuel fell by 0.04% on the month. Clothing prices appreciated by a monthly 0.36% in September.
The prices of services went up by 1.05% compared to August, mainly as a result of more expensive telecommunication and postal services, which rose by 1.15%. The price of water and sewerage services appreciated by 1.73% month-on-month in September.
The average monthly consumer price inflation in the nine months through September was 0.5%, compared to 0.4% in the same period of 2007, the INS said. The EU-harmonised consumer price index was 7.9% higher on the year in the past 12 months.
In August Romania’s central bank, BNR, raised its annual inflation forecast for 2008 to 6.6% from an earlier 6.0%, way above the upper limit of its 2.8%-4.8% target band for the year. It also raised its annual inflation forecast for 2009 to 4.2% from a previous 3.5%, still within its target band of 2.5%-4.5%.
Romania's end-year inflation quickened to 6.57% in 2007 from 4.87% in 2006, missing BNR's target band of 3.0%-5.0%.
Romania's September consumer prices (pct change):
M/M | Y/Y | |
Total | +0.40 | +7.30 |
Food | +0.33 | +7.08 |
Non-food | +0.19 | +7.75 |
Services | +1.05 | +6.60 |