Romania ups inflation target for 2012 to 3.2%

Romania's inflation stood at close to 3 percent in the fourth quarter of last year, in line with the country's Central Bank estimates, while the target for 2012 was increased to 3.2 percent, from a previous figure of 3 percent. A 3 percent inflation rate is projected for 2013, according to the Romanian Central Bank governor Mugur Isarescu (in picture). The annual inflation rate, which represents the rate general prices rise, reached a minimum of 3.14 percent in December last year, the lowest level in the last 20 years, according to the National Statistics Institute. And potatoes played a surprisingly important role with their big drop in price. The inflation rate was within the target set by Romania’s Central Bank (BNR) of 2 to 4 percent for 2011. In November, the annual inflation rate was of 3.44 percent. Among foodstuffs, sugar – up 18.65 percent, eggs – 15.37 percent and honey – up 8.39 percent posted the largest price increases in 2011, while potatoes recorded the largest price decline – down 27.87 percent. editor@romania-insider.com