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BNR governor to unveil quarterly inflation report


Governor of the National Bank of Romania (BNR) Mugur Isarescu will be unveiling today BNR's quarterly inflation report.

BNR is expecting inflation to reach 2.2 per cent at the close of 2014 and 3 per cent at the end of 2015. Previously, BNR was expecting inflation to reach 3.3 per cent, both at the end of 2014, and at the end of 2015.

'At today's meeting, the BNR Administration Board analysed and approved the BNR quarterly inflation report. The document reveals annual inflation rate would end up at lower levels than previously projected, below the stationary inflation target toward mid-2015 and at the upper end of the variation interval in the second half of 2015. According to the new projections, year-over-year inflation should stand at 2.2 per cent at the end of 2014 and at 3.4 per cent in late 2015, with an average inflation rate at 1.4 per cent in 2014 and 2.4 per cent in 2015,' Isarescu said Monday.

Year-over-year inflation reached a new historic low of 0.66 per cent in June 2014, as consumer prices declined nearly 0.3 per cent in June 2014 on a monthly basis, because prices for food and services also declined, according to data with the National Statistics Institute (INS).

In June 2014, on a monthly basis, food prices went down 0.7 per cent, services fees declined 0.2 per cent, while non-food prices increased by 0.1 per cent.

Average price increases overall July 2013 - June 2014, compared with July 2012 0 June 2013, against the consumer price index was 1.7 per cent and 1.5 per cent against the harmonised index of consumer prices.