Isarescu: Inflation to go towards BNR lower margin by year-end

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The National Bank of Romania’s (BNR) predictions on the inflation point to a fast drop in the price rises, to the fact the inflation is getting within the target and to a movement towards the lower margin of the target by the end of this year, BNR governor Mugur Isarescu said on unveiling the quarterly report on inflation on Thursday.

‘There has been a cost of the use of the exchange rate to adjust the foreign imbalance. There will be corrections at year-end too’, he said.

According to the central bank report, the facts that caused the inflation rate to deviate from the projected trend relate the fact that the risks of the current projection association are relatively symmetrically distributed.

‘The causes for the deviation of the inflation rate from the projected trajectory include the effects of the global crisis that develop at a different intensity from the basic scenario, the structural rigidity of the Romanian economy as well as the evolution of the oil price and the prices of certain raw materials in the international markets, the trajectory of the managed prices, the dynamic of the managed prices, the dynamic of the volatile foodstuff prices’, Isarescu explained.

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