Romanian inflation up to 3 percent in July

The annual inflation rate increased to 3 percent in July from 2.04 percent in the previous month, according to the National Statistics Institute.

Prices rose by 0.59 percent, due to gains in food and non-food products 0.14 percent and 0.84 percent, while services added 0.84 percent.

The average price increase in the last 12 months (July 2011 – June 2012) against the previous 12 months was 2.8 percent, based on the price consumer index (CPI).

The National Bank of Romania targets an inflation rate of 3.2 percent – with a one percentage point variation- by year end. The Association of Financial-Banking Analysts in Romania estimates an inflation of 3.7 percent this year.

Ovidiu Posirca

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