Romania’s annual inflation rate accelerated to 4.28% in April, driven by a jump in food and services prices coupled with the depreciation of the local currency, data from the National Institute of Statistics show.
The Association of Financial-Banking Analysts in Romania had expected an average monthly inflation rate of 0.4% and annual inflation rate of 4.3%.
In the trailing month, the annual inflation dropped to 4.2% from 4.49% in February.
The biggest price rises were observed in drugs (3.96%), books and magazines (1.42%), citrus and other southern fruits (1.52%) and in other vegetables and canned vegetables apart from leguminous vegetables and potatoes (1.06%).
However, the biggest drops were observed in egg prices (5.96%), bean and other leguminous (1.08%) and potatoes (1.09%).
The year-on-year increase in consumer price index during May 2009 – April 2010 – an important benchmark in the accession criteria to the euro area – fell in April to 4.9% from 5.1% a month earlier, while HICP-based inflation (harmonized index of consumer prices) dropped to 4.9% from 5%.
The National Bank of Romania set a year-end inflation target of 3.5% with -/+1 tolerance band. For the third time in a row, the central bank missed inflation target in 2009.
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