Romanian Mar CPI +0.67% On Month, +8.63% On Year

Romania's consumer price index rose 0.67% on the month in March, on higher telecom and fuel prices, bringing the annual rate to 8.63%, its highest level since January 2006, the National Statistical Institute said Monday.

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The March inflation rate slowed slightly from February and January, when prices rose 0.7% and 0.86% on the month, respectively.

In the first quarter of the year, the inflation rate was 2.25%, while average inflation stood at 5.9% in March.

The acceleration in March monthly inflation was due to a 0.92% increase in services prices driven by higher telecom bills, which grew a robust 1.40%, the institute said.

For 2008, the Romanian central bank has set an inflation target of 2.8%-4.8%. However, analysts say prices might register double-digit growth this year, if Romania's farming output is again hit by drought or floods.

Last week, Romanian central bank governor Mugur Isarescu said he expected the country’s 2008 inflation to peak at 8.5% in March and then slow down to 5%-6% by yearend.

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