Romanian central bank cuts 2011 inflation rate to 4.6 percent, down from 5.1 percent

Newsroom 08/08/2011 | 12:58

Romania’s central bank expects annual inflation to slow down to 4.6 percent, according to Agerpres newswire.  The central bank had previously estimated a 5.1 percent annual inflation at the end of 2011. The annual inflation for 2012 will be 3.5 percent, down from a previous estimate of 3.6 percent.

Central bank governor, Mugur Isarescu, stated that food products have undergone a serious price correction, after four months of continuous growth, which is a clear signal that inflationist pressures on agriculture products have reduced. Oil prices are on a slight growth trajectory. According to Isarescu, Romania has left the recession area, as the production in the manufacturing industry has reached pre-crisis levels.

Isarescu added that a slight recovery has been registered in the retail trade. However, the volume of loans to customers is still low, as customers are reimbursing current loans or applying for loan refinancing.

 

Ovidiu Posirca

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