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Romania’s Dec CPI + 0.32% On Mo, +4.74% On Yr

Romania's consumer price index rose by 32 basis points on the month in December, driven mainly by higher food and tobacco prices, while the annual inflation widened to 4.74%, above the central bank’s target, the National Statistics Institute said Tuesday.
Romania's Dec CPI + 0.32% On Mo, +4.74% On Yr
12 ian. 2010, 10:29, English

The central bank targeted an annual inflation of 3.5% at the end of December, with one percentage point variation band around the target. It was the third year in a row in which the central bank missed the inflation target.

However, the 2009 inflation rate was slightly below analysts estimations of 4.8%-4.9%.

Food prices rose 0.3% on the month in December, while non-food prices were up 0.5% month-on-month. Tobacco and cigarettes prices saw the highest price increase in the non-food sector, of 3.6% compared with November.

Service prices, however, nudged down 0.2% on the month in December, driven by lower rents and air and postal services.

The harmonized index of consumer prices, or HICP, stood at 5.6% at the end of December, from 5.7% the month before.

In November, Romanian CPI rose 0.67% on the month, on higher tobacco and fuel prices, with the annual inflation widening to 4.65%.

In 2010, the central bank targets an annual inflation of 3.5% at the end of December, with one percentage variation band around the target, same as the objective set for 2009.