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Year-on-year inflation rate slightly declines to 8.62% in April

April's inflation rate stood at 0.52% and the year-on-year inflation (April 2007- April 2008) remained at an almost similar level – 8.62% – with the one in the previous month, when the year-on-year inflation rate reached the high of the past 26 months, 8.63%, according to the data made public on Monday by the National Statistics Institute (INS).
In the first four months of 2008, the cumulated inflation rate rose to 2.78% after in Q1 the cumulated inflation rate stood at 2.25%.
In the January – April 2008, the average monthly inflation rate stood at 0.7% versus 0.2% in 2007.
Versus April 2007, the price of foods rose 11.44%, the tariffs of services rose 10.42% and the prices of non-food products leaped 5.51%.
The average price rise in the past 12 months (May 2007 – April 2008) versus the previous 12 months, established on the basis of the consumer price index /IPC/, stood at 6.3%, and the one established on the basis of the harmonized index /IAPC/ stands ate 6.4%.
The inflation prognosis calculated year on year has been revised upwards to 6% for end-2008 from 5.9%, announced recently the BNR governor Mugur Isarescu when presenting the quarterly report on inflation.
According to the governor, the year-on-year inflation rate will remain in Q2 at over 8% and will start declining in H2. He said in Q2 2008 the high inflation rate in March will maintain, with highs and lows, and the BNR forecast has to be regarded with a margin of 0.2-0.3%.
The International Monetary Fund /IMF/ estimated Romania will record in 2008 an inflation rate of 6.5% but, with a tight and prudent monetary policy, its level will return in 2009 within the limits targeted by BNR.
At end-2007, the year-on-year inflation rate stood at 6.57% versus 4.87% in December 2006, outside the variation interval of 3-5% associated to the inflation target of 4%.
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