Business News
Romanian central bank revises inflation expectations upwards
May 5, 2011, 10:26 GMT
Bucharest - Romania's central bank on Thursday significantly revised its inflation expectation for 2011, raising the target from 3.6 to 5.1 per cent.
Romania also revised upward the inflation projection for 2012, from 3.2 to 3.6 per cent for the year.
Central bank chief Mugur Isarescu attributed the changes to the movement of fuel and food prices on international markets.
Prime Minister Emil Boc's government projected the 2011 budget on an inflation rate of 3.0 per cent. Isarescu said the target is definitely out of reach.
Romania recorded year-on-year inflation of 8.0 per cent in March, more than any other country in the European Union.
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