EC Sees Romania’s Average Inflation At 5.8% In ’09

“While inflationary pressures had eased in the second half of 2008 on the back of falling international commodity prices, inflation picked up again early 2009 caused primarily by a sharp leu depreciation,” EC said in its spring economic forecast.

EC sees lower inflation in Romania in 2009 and 2010 and expects it to enter within the target band set by the central bank by the end of 2009.

“In the course of 2009 and 2010 inflation is projected to decrease following lower wage growth and still low international commodity prices,” EC’s spring forecast said.

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For 2009, the central bank targets a 3.5% inflation, with a ±1 percentage point variation band around the target.

Romania’s inflation in 2008 was at 6.3%, as the depreciation of the leu against the euro by the end of the year counterbalanced the positive effect of price decrease in non-food products.