ROMANIA: Annual inflation rate drops to 2.4pct in March, a new historic low

The annual inflation rate fell to 2.4 percent in March 2012, from the 2.59 percent level in February 2012, thus recording a new historic low of the last 23 years, according to data released by the National Statistics Institute (INS) on April 10th.

In March, prices rose by 0.42 percent from the previous month, due to food price rises by 0.64 percent, non-food products by 0.32 percent, as well as the rise in services tariffs by 0,20 percent.

The average inflation rate in the first three months of 2012 was 0.5 percent versus 0.7 percent recorded in the same period in 2011. The overall average price increase in last 12 months (April 2011 - March 2012) compared to the previous 12 months (April 2010 - March 2011) determined on the basis of the Consumer Price Index (CPI) is 4.5 percent and determined on the basis of the Harmonized Index of Consumer Prices (HICP) is 4.6 percent.

The Association of Financial-Banking Analysts in Romania (AAFBR) estimated, last week, an annual inflation rate of 2.5 percent in March and 3.5 percent in December, down 0.2 percentage points from the projected level by previous surveys.

Romania's National Bank has revised upwards the inflation forecast for 2012, from 3 percent to 3.2 percent. AGERPRES

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