INS: A record yearly minimum inflation after 1990, of 3.66 pc

April 12th, 2007

resized_shutterstock_394993.jpgThe trade deficit went up by 83 pc, in the first two months of 2007. The average inflation rate, in the first three months placed at 0.1 pc, much above the 0.5 pc level recorded during January-March 2006.

BUCHAREST – Consumer price indexes mentained at the same level in March, recording a mere 0.07 pc advance against February, and the annual inflation rate recorded a new minimum record after 1990, at a level of 3.66 pc, according to the data published by the National Institute for Statistics (INS).

Alimentary goods recorded in March a slight price decrease, of 0.05 pc, while non-alimentary good prices and the cost of services registered mere increases, of 0.13 pc, respectively of 0.16 pc, shows the INS survey. The evolution of alimentary good prices was influenced by the price decrease of eggs (-10.5 pc), potatoes (-2.4 pc), pork meat (-0.6 pc) and milk. In the same time, the price of sugar went down by 1.2 pc, so did the price of fruits and fruit cans, by 0.6 pc, and the prices in the bread industry by 0.3 pc.

In the non-alimentary good sector, the tobacco and cigarette price went up by 0.5 pc, the magazines, books and newspapers, by 0.4 pc. Price decreases were recorded by medicines (-0.3 pc), watches, audio-video devices and sports articles (-0.2 pc). The 0.2 pc price increase of services was caused, mainly by the train transportation costs going up (+9.3 pc), autoservice price going up by 0.9 pc and medical care cost increasing by 0.6 pc.

The average inflation rate, in the first three months placed at 0.1 pc, much above the 0.5 pc level recorded during January-March 2006. Cumulated inflation of the first three months is 0.31 pc and the inflation target settled by The National Bank of Romania, for 2007 is 4 pc, plus/minus 1 percent.

According to the INS, the pace of growth of the trade deficit accelerated in the first two months of this year, to 83.3 pc, compared to the similar period of 2006, amounting to EUR 2.56 bln. The trade deficit FOB-CIF, during January-February was RON 8.71 bln (EUR 2.56 bln), up by RON 3.67 bln (EUR 1.16 bln) against the similar period of 2006.

In the first month of 2007, the first after Romania’s joining the EU, the trade deficit went up by 75 pc, to about EUR 1.23 bln, according to INS. The institution announced before a trade deficit amounting to EUR 1.06 bln, mainly because of the trade with the EU countries. After finalising the data research, the institution altered the value of exports up by RON 277.1 M (EUR 81.4 M) and the one of imports by RON 855 M (EUR 251.3 M).

As customs fees to EU countries were eliminated, and the common trade policy was adopted, the institute noticed a more rapid increase of exports, against imports in the second month of the year, compared to January. However, compared to the same months of 2006, the dynamic of imports mentains above the exports. A big part of the deficit, amounting to about EUR 1.8 bln, was determined by commercial exchanges with EU countries, representing 75 pc of the Romanian foreign trade. According to the preliminary estimations of INS, FOB exports amounted to RON 7.84 M (EUR 2.31 M), and CIF imports accounting for RON 12.37 M (EUR 6.93 M).
by Andreea Budica

Source: nineoclock

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