Stiri	Stiri afaceri	Stiri companii	Evenimente de afaceri

BNR upwardly adjusts 2010 inflation projection to 8.2%

Inflation in Romania in 2010 will be 8.2 percent, up 3.4 percent from 2009 and 0.4 percent past the projections released this August, reads the quarterly inflation report drawn up by the National Bank of Romania (BNR) and presented on Thursday at a news conference by BNR Governor Mugur Isarescu.

Isarescu argued that the adjustment was the result of a 6-percent rise in the Value-Added Tax VAT, from 19 percent to 25 percent, a value he says is high.

This is for the second time in 2010 that the BNR adjusts its inflation projections, after this August it upwardly adjusted it from 3.7 percent to 7.8 percent, also constrained by the rise in the VAT as from July 1.

On Tuesday, the BNR Administration Board decided to maintain the 2012 inflation target at 3 percent , plus/minus1 percentage point, and to adopt, as from 2013, a flat multi-annual inflation target of 2.5 percent, plus/minus percentage point.

The board also decided to keep unchanged the monetary policy rate at 6.25 percent per annum; to pursue an adequate management of liquidity in the banking system, and to maintain the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit institutions.

According to the quarterly inflation report, the annual inflation rate went up to 7.77 percent in September 2010 from 7.58 percent the previous month amid a gradual pass-through of the first-round effect of the hike in the standard value added tax rate on 1 July 2010, as well as the unfavourable influences on agri-food product prices of developments on specific domestic and external markets.

At the same tinme, CORE2 inflation - calculated by the BNR by excluding administered prices, volatile prices, and tobacco and alcohol prices from the consumer price index - stood at 4.7 percent in September 2010, marginally above the previous month's level, as the magnitude and the persistence of the aggregate demand deficit offset the adverse impact from the higher VAT rate on the majority of consumer prices included in this basket. According to the announced calendar, the next BNR board meeting dedicated to monetary policy issues is scheduled for January 5, 2011 .

Sursa: http://www.actmedia.eu

Tags: percent inflation prices bnr

Articole similare