Romania September CPI +0.56% On Month, +7.77% On Year

Romanian consumer prices rose 0.56% on the month in September, largely driven by higher food and service prices, while the annual inflation accelerated to a fresh two-year high at 7.77%, the country’s statistics institute INS said Monday.

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A higher rate was registered in August 2008, when the country's annual inflation was 8.02%.

Analysts estimated consumer prices would rise 0.4% in September from a month earlier, while the annual rate was seen steady at 7.6%.

Food prices increased 0.8% on the month in September, while services and non-food prices were up 0.6% and 0.3%, respectively, INS data showed.

Romania's harmonized index of consumer prices, or HICP, stood at 5.2% end-September, up from 5% 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 introduction in July of a five-percentage-point increase in the sales tax rate to 24%.

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