Retail inflation at 3.28 pc in September

12 October, 2017, 16:32 | Author: Regina Silva
  • Double boost for economy Industrial output growth rebounds inflation cools

Prices rose by 0.5% in September over the previous month as fuel prices went up by 2.19% due to the extra excise and food prices increased by an average 0.54%.

According to preliminary data released by the Central Statistics Office on Thursday, the consumer price index (CPI) increased 3.28 per cent year on year against the August numbers of 3.36 per cent.

Industrial production grew at a nine-month high of 4.3 per cent in August, mainly on account of robust performance of mining and power sectors coupled with higher capital goods output, official data showed today.

The previous high in IIP growth was recorded at 5.7 per cent in November 2016.

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The National Bank of Romania (BNR) revised at the beginning of August the inflation forecast for the end of this year to 1.9 pct, given that it had previously estimated a 1.6 pct inflation rate, down 0.1 percentage points.

At least 10 industry groups showed growth in manufacturing sector. The lower-than-expected inflation number in September is primarily driven by a contraction in food inflation.

Inflation rose to 2.36 percent in July, after consistently falling for three straight months. The consumer price index (CPI) based inflation stood at 4.39 percent during the same month past year. A Reuters poll of economists which had projected inflation at 3.60 per cent. Inflation not easing further dampens hopes of India Inc for interest rate cuts. The current inflation rate remains below the Reserve Bank's 4 per cent target.

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