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ING: BNR will probably miss inflation target in 2011

The central bank will not reduce the monetary policy interest rate in today's meeting because of inflation pressure but will most likely miss the inflation target for 2011, ING Bank Romania analysts say.

'The National Bank of Romania has constantly tired to convey the message that inflation will drop. That think was achieved even by ignoring risks coming from food prices. Consequently price rises for food made BNR miss again the inflation target (of 2010) and we fear it will not stop here. Most likely BNR will also miss the inflation target for 2011,' said Nicolae Chidesciuc, senior economist of ING Bank Romania in a bank report.

The target established by BNR for 2010 was of 3.5% with a variation of plus/minus 1%, but the inflation rate was about 8% at the end of the year. BNR established the inflation rate for 2011 and 2012 at 3%, while for 2013 it will be 2.5%.BNR has not reduced the monetary policy interest rate since May 2010, moptivating that inflation pressures generated by VAT increase by 5% in July 2010 do not allow the reduce the interest rate.

Sursa: http://www.actmedia.eu

Tags: inflation bnr target ing

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