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Romanian Ctrl Bk Revises Up ‘08 CPI To 6.7%, ’09 CPI To 4.5%

The National Bank of Romania, or BNR, revised upwards its forecasts for the 2008 and 2009 consumer price index to 6.7%, and 4.5%, respectively, from the previous 6.6% and 4.2% estimates, central bank governor Mugur Isarescu said Monday.
Romanian Ctrl Bk Revises Up ‘08 CPI To 6.7%, '09 CPI To 4.5%
03 nov. 2008, 16:24, English

The central bank’s predictions follow a greater uncertainty on the financial markets, Isarescu said.

“The prognosis looks good, it has nothing spectacular, it’s not bleeding (…) We do not see great changes from what we said three months ago,” central bank governor said.

Isarescu added that the potential negative effects upon inflation come from import prices, inflationist anticipations and administrative prices, while the forecast is more favorable as regards the crude oil price.

Earlier Monday, the European Commission forecasted Romania’s harmonized index of consumer prices at 5.7% in 2009, a slowdown compared with an estimation of 7.8% for 2008, and sees inflation further falling to 4% in 2010.

Romania’s Prognosis Commission has revised up, in its final fall prognosis report, its headline inflation forecast for 2008 to 6%, from 5.8% in its preliminary data, but maintained its headline inflation forecast for next year unchanged at 4.5%.