Central Bank revises upward the inflation forecast to 3.6 percent for 2011

The National Bank of Romania (BNR) has revised upward its annual inflation forecast to 3.6 percent for 2011, from an initial 3.4 percent, central bank governor Mugur Isarescu said on Monday during the presentation of the quarterly inflation report. For 2012 the BNR board forecasts a 3.2 percent annual inflation.

For 2011, the inflation target is 3 percent, plus or minus one percentage point.

Romanian inflation reached in at 7.96 percent at the end of 2010, more than the central bank’s target of 4.5 percent, manly due to the 5 percent VAT hike in July 2010.

Simona Bazavan

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