Romania Ctrl Bk Sets CPI Target At 3% For 2012, 2.5% As Of 2013

Romania’s central bank Tuesday decided to keep the 2012 inflation target at 3%, with one percentage point variation band, and to adopt a flat multi-annual inflation target of 2.5%, plus/minus 1 percentage point, as of 2013.

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The assumed targets will be discussed with the government, the bank said.

The central bank recently revised upward its year-end inflation target to 7.8% in 2010 from 3.7% previously, following the introduction in July of a 5 percentage point increase in the sales tax to 24%.

The central bank was unable to reach its year-end inflation targets for the past three years.

According to IMF estimates, the annual rate could peak slightly above 8% in December this year, before easing toward the central bank's band of 3% plus/minus one percentage point in 2011.

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