Romania August CPI +0.23% On Month, +7.6% On Year

Romanian consumer prices inched up 0.23% in August after a 2.6% increase a month earlier, while the annual inflation accelerated to 7.58%, the highest rate in two years, the country’s statistics institute INS said Friday.

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In July, the annual rate was 7.14%.

Analysts estimated the monthly inflation would come in at 0.4% in August, while the annual rate was seen accelerating to 7.7%.

Food and services prices each rose 0.4% in August from a month earlier, while non-food prices were flat on the month, INS data showed.

Romania's harmonized index of consumer prices, or HICP, stood at 5% end-August, from 4.8% the month before.

The International Monetary Fund recently revised its target on Romanian annual inflation to 7.9% in 2010 from 3.5% previously, following the enforcement of a five-percentage-point increase in the sales tax rate to 24%.

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