NBR raises 2009 inflation target to 4.5% on tobacco excise

The National Bank of Romania has lifted its target range for year-end inflation rate, from 4.3% to 4.5%, on price increase generated by tobacco excises.

“Inflationary forecasts remain very helpful and low”, said the governor of the National Bank of Romania.

“However, we expect the annual inflation rate for 2009 to stay above our previous forecasts, to 4.5%, following price increase fueled by the tobacco excises. The share of tobacco products in Romania is unfortunately higher than in other countries. I don’t understand why the share of tobacco products is so high in Romania. Probably because we are heavy smokers”, said Mugur Isarescu.

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