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Inflation – Romania's annual inflation climbs to 6.71% in January, exceeds analysts' estimates

Romania's annual rate of inflation hiked in January more than the analysts' had initially foreseen, to 6.71 percent in from 6.3 percent in the previous month, on significant surge of tariffs for services and prices for food and non-food stuff, data of the country's statistics body INS show.

Analysts polled by NewsIn anticipated the annual inflation in January between 6.3 and 6.6 percent.

Consumer prices rose on average 1.24 month-on-month in January, following a 3.27 percent hike in tariffs for services, a 0.83 percent climb in prices for non-food stuff and a 0.71 percent in prices for food stuff.

Starting with the beginning of this year, the consumer basket in Romania, which is used by INS to calculate inflation, features a weight of 37.58 percent for food, 44.05 percent for non-food stuff and 18.37 percent for services.

The largest price hikes were reported for telephone services (7.71 percent), air transportation (7.68 percent), potatoes (4.67 percent) and cars and spare parts (3.65 percent).

Prices for meat and meat related products grew on average 0.73 percent, while cigarettes were 2.54 more expensive in January on December, following a climb in excise taxes starting with the beginning of the year.

Fuel prices advanced 1.53 percent while drugs added 0.42 percent. House rents upped on average 2.5 percent month-on-month.

The average annual rise in consumer prices between February 2008 - January 2009, an indicator considered for the country's convergence to the Eurozone, stood at 7.8 percent in January. Inflation calculated with the Harmonized Index of Consumer Prices (HICP) idled at 7.9 percent.

Romania's central lender targets an inflation of 3.5 percent plus or minus one percentage point this year, but estimates the inflation rate will stand at 4.5 percent at year-end.

The annual inflation rate lowered at the end of last year to 6.30 percent from 6.74 percent in November, according to INS data, exceeding by 1.5 percentage points the upwards variation limit established by BNR for its inflation target.

 

Sursa: http://www.newsin.ro

Tags: percent inflation prices january annual month romanias bnr air

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