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Central Bank Governor Mugur Isarescu: Inflation variation meeting expectations in Q4 2010

Inflation varied in Q4 2010 meeting the expectations and exceeded the variation range targeted by the Central Bank, mainly due to the VAT increase, Governor of the National Bank of Romania (BNR) Mugur Isarescu told a press conference on Monday.

'Inflation varied in Q4 according to expectations, meaning that it went significantly beyond the variation range we targeted, mainly because of the VAT increase last summer,' Isarescu said.

He spoke about the causes that led to last year's inflation rate, among which there were a rise in price levels, the VAT increase, higher prices for fuel and thermal energy.

'The adverse shocks were only connected to the offer. The causes were: higher prices, the addition of the increased VAT to the price of thermal energy between October and November, the alarming increase in the prices of some food products as the effect of tense foreign markets of raw food products, higher fuel prices according to the increase in the international quotations and lower real exchange rates. The growth of inflation, exceeding the target, was mainly due to the VAT increase,' explained the Central Bank Governor.

According to BNR official data, the inflation target for Q4 2010 was 3.5 percent, while the proper prognosis was 8.2 percent, with an uncertainty margin of +/- 0.5 percent. Central Bank Governor Mugur Isarescu showed the report on inflation to a press conference on Monday.

According to a Central Bank release published last week, the annual inflation rate went up to 7.96 percent in December 2010, in accordance to the Central Bank prognosis, but much over the upper limit of the variation range around the target.

The increase of the annual inflation rate in 2010 (from 4.74 percent in December 2009) was mainly the consequence of the increase in the VAT standard level, along with the adverse influences of higher prices for food and fuel products worldwide.

Sursa: http://www.actmedia.eu

Tags: inflation increase prices percent expectations variation mugur central isarescu governor bnr

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