Annual inflation slows to 4.94% in September

Annual inflation rate fell slightly in September, to 4.94% from 4.96% a month earlier, but monthly report indicates a 0.39% increase in consumer prices in the period under review, according to data provided by the statistics institute.
In September, consumer prices climbed 0.39% from a month earlier. Although food prices dropped 0.16%, non-food prices and services weighed down consumer price index, going up 0.79% and 0.51% respectively.

Subtracting the increase in alcoholic beverage prices and tobacco from the monthly inflation rate, its level falls to 0.05% from 0.39%.

The governor of National Bank of Romania said recently that September inflation rate stood significantly below 5%.

“According to preliminary inflation data for September, consumer price index stood below last year level. Therefore, September inflation rate will stand significantly below 5%. We expect a similar performance in October, and even a steeper decline that could bring us closer to year-end target”, said Isarescu.

NBR’s inflation target range for 2009 is 3.5% with +/- 1 tolerance band. The latest projection report indicates an inflation rate of 4.3% for December this year.

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