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Romania's central bank lowers 2011 inflation projection

(Xinhua)

11:19, August 09, 2011

The National Bank of Romania has revised its inflation projection in 2011 from 5.1 percent to 4.6 percent, said the bank's governor Mugur Isarescu on Monday.

The central bank also adjusted the inflation forecast for 2012 to 3.5 percent from 3.6 percent.

"Data for inflation are starting to look better and we hope for substantial improvements at least during the summer," said Isarescu while presenting the quarterly report on inflation.

He noted that in May and June there was an "extremely strong" correction at volatile prices and the persistent demand deficit contributed to a lower inflation.

In May the central bank raised inflation forecast for this year from 3.6 percent to 5.1 percent and that of next year from 3.2 percent to 3.6 percent.

According to the bank's prediction, the inflation rate would fall to 5 percent or even below in September and hold steady by the end of year.

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