Romania’s central bank revises upward inflation forecast to 3 pct at end-2019

The National Bank of Romania (BNR) has revised slightly upward the inflation forecast for the end of 2019 from 2.9 to 3 percent, the central bank’s governor, Mugur Isarescu, said on Monday.

For the end of 2020, BNR’s inflation estimate was revised from 3.2 percent to 3.1 percent.

“We need trust in order to reach our inflation target,” Isarescu said.

The central bank that food and administrated prices will have the largest contribution to inflation this year.

Romania’s central bank shifted to direct inflation targeting since August 2005, following the ECB model. The current inflation target is 2.5 percent +/- 1 percentage point (1.5 – 3.5 percent).

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Romania’s annual inflation rate declined to 3.3 percent in December 2018, after reaching a 5-year high of 5.4 percent in May and June, recent National Institute of Statistics (INS) data show.