Romania: Annual Inflation Rate at 5-6% in '08, Says BNR Governor

Romania: Annual Inflation Rate at 5-6% in '08, Says BNR Governor

Inflation for March could amount to 8.5 percent year-on-year, given that ''the exchange rate has just stabilized,'' agriculture is unable to contribute positively at this time, and energy prices continued to rise, according to National Bank of Romania (BNR) Governor, Mugur Isarescu, Business Standard reports.

By the end of 2008, inflation is likely to be some 5-6 percent, according to Isarescu. BNR’s lastest official estimate is 5.9 percent inflation in December.

Speaking about possible extra pressures on inflation due to wage increases, Isarescu said that “BNR cannot become directly involved in salary disputes in certain fields,” but must resort to a broader approach and draw attention to risks due to wage increases generally, as long as these are not in line with labor productivity.

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