In May, the annual inflation rate widened to 4.42% while on a month-on-month basis, inflation rate came in at 0.15%.
The biggest price growth for food items was observed in potatoes (9.36%), citrus fruits (7.10%), as well as other fruits. As for non-food the biggest hikes were seen in tobacco and cigarettes (14.56%), books, magazines and newspapers (8.15%), fuel (7.23%) and drugs (6.16%).
The sharpest declines were observed in eggs (-25.23%), cheese (-1.43%), and beans (-1.28%). In the non-food sector, no significant decline has been observed except for room rates in the hospitality industry (-0.27%).
The average year-on-year growth in consumer prices in July 2009 – June 2010 – an important indicator in the nominal criteria for the accession to the euro area – dropped in June to 4.6%, from 4.8% in May, but the inflation rate based on the harmonized index of consumer prices fell to 4.6% from 4.7%.
The National Bank of Romania said it targets an inflation rate of 3.5% with +/-1% tolerance band for this year, but the latest statements of central bank officials point to an 8% inflation rate at year-end. In 2008, the National Bank of Romania missed its inflation target for the third time in a row.
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