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1.4pc annual inflation rate in July, industrial production up by 8pc in H1 2017

The annual inflation rate was of 1.4% in July, up by about 0.85% against the previous month, the National Statistics Institute (INS) informs.

Consumer prices in July 2017 against July 2016 were by 1.4% higer. The average consumer prices rate in the past 12 months (August 2016-July 2017) against the previous 12 months (August 2015-July 2016), calculated as CPI, is of 0.1%, the release reads.

According to the INS, based on the HICP, the average rate is 0.3%.

Earlier this week the National Bank of Romania (BNR) has revised the inflation forecast for the end of this year to 1.9%, central bank Governor Mugur Isarescu said, considering that he previously estimated an inflation rate of 1.6%, down by 0.1 percentage points.

For the end of 2018, BNR estimates an inflation rate of 3.2%, against 3.1% previously, and for the end of the first half of 2019, an inflation rate of 3.5% is expected.

According to the Romania’s central bank officials, the reintroduction of the annual CPI inflation rate within the target range is expected to take place in the third quarter of 2017.

Calculated at constant rates, the inflation rate will reach 2.9% in December 2017, a value above the central inflation target of 2.5%.

Industrial production grew by 8% in the first half of 2017, as gross series, and by 8.9% as adjusted series by working days and seasonality, y-o-y, INS has also informed on Friday.

In June 2017, the industrial production fell against the previous month, both as gross series and as adjusted series by working days and seasonality, by 4.9% and 1.4% respectively.

Compared to the same month the year before, industrial output grew by 8.9% as gross series and by 11.1% as series adjusted by working days and seasonality.

In H1 2017, compared with H1 2016, industrial production (gross series) increased by 8% based on increases in manufacturing (+8.7%), mining and quarrying (+2.9%) and production and delivery of electricity, heat, gas, hot water and air conditioning (+2.6%).

Adjusted by working days and seasonality, the H1 2017 industrial production, as compared to H1 2016, grew by 8.9% as a result of rises in manufacturing (+8.7%), production and delivery of electricity, heat, gas, hot water and air conditioning (+3.2%) and mining and quarrying (+1.9%).

INS informs that the June 2017 industrial production (raw series) decreased by 4.9% on a monthly basis, due to decreases in manufacturing (-5.4%) and mining and quarrying (-3.7%). The production and delivery of electricity, heat, gas, hot water and air conditioning increased by 1.5 %.

Adjusted by working days and seasonality, it was down by 1.4% on a monthly basis. Manufacturing and mining and quarrying decreased by 2.5 % and 0.7%, respectively, while production and supply of electricity, heat, gas, hot water and air conditioning increased by 2.1%.

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