Romania Might Fail To Meet 2014 Euro Adoption Timetable – Ctrl Bkr

“If inflation doesn’t go down to sustainable levels in 2008 and 2009, I’m afraid euro adoption in 2014 is not attainable,” Isarescu said.

Romania’s annual inflation rate accelerated to a higher than expected 7.26% in January, its highest level since May 2006.

For 2008, the Romanian central bank has set an inflation target of 2.8%-4.8%. However, analysts say prices might register double-digit growth this year, if Romania’s farming output is again hit by drought or floods.

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Early February, the bank revised its year-end inflation forecast and said the country’s consumer price index will rise 5.9% this year, 1.6 percentage points more than its previous forecast.

It cited persistent inflationary shocks as the reason for the revision. The inflation rate spiked in the second half of 2007, with the CPI exceeding the central bank’s target band, and accelerated to 6.57% at the end of last year, boosted by significant growth in food and services prices.