May inflation rate drops to 0.15%

Monthly inflation rate dropped in May to 0.15% thus meeting analysts’ forecasts, on lower food prices, while compared to year-ago level, consumer prices rose 4.42%,. according to data from National Statistics Institute.

Compared to a month earlier, consumer prices increased by 0.15% in May, as food prices dropped 0.09%, services tariffs rose 0.47% and non-food by 0.2%.

Members of the Financial-Banking Analysts Association (AAFBR) had predicted a monthly inflation rate of 0.1%in May, and annual inflation rate of 4.4%.

In April, annual inflation rate grew to 4.28%, as the annual inflation rate came in at 0.35%.

The biggest price hikes were observed in potatoes (9.56%), fruits (1.8%), books and magazines (1.64%), air transport and telecommunication services (1.11% each).

At the opposite front, the biggest price declines were observed eggs (-10.84%) and cheese (-1.06%).

Year-on-year consumer price increase in June 2009 – May 2010 averaged 4.8% versus 4.9% in April, while inflation based on harmonized index of consumer prices dropped to 4.7% from 4.9%.

For year-end, members of AAFBR expect the annual inflation rate at 4%, as the National Bank of Romania targets an inflation rate of 3.7%. In 2009, NBR missed inflation rate for the third year in a row.

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