Inflation forecast revised by central bank upwards to 2.7 pct for end-2017

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The National Bank of Romania (BNR) revised upwards to 2.7 pct the inflation forecast for the end of 2017, central bank governor Mugur Isarescu said on Thursday.

The previous inflation prognosis was parked at 1.9 pct in 2017.

As for the end of 2018, the BNR estimates an inflation rate of 3.2 pct, similar to the previous forecast, and for the end of 3rd quarter of 2019 a 3.1 pct inflation rate is expected.

According to the BNR, the exceeding of the upper limit of the target interval in the first part of 2018 is mainly due to some basic statistical effects associated to the cut of certain taxes and indirect dues at the beginning of 2017, the anticipated evolution of the exogenous developments and the accumulation of inflationary pressure linked to the domestic milieu, at the basic inflation's level.

Calculated for constant taxes, the inflation rate will reach 3.3 pct in December 2017, 3.1 pct at the end of 2018 and 2.9 pct at the prognosis' time horizon, 30 September 2019.AGERPRES(RO — author: George Banciulea, editor: Andreea Marinescu; EN — author: Maria Voican, editor: Simona Klodnischi; online editor: Maria Voican)

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