Annual inflation rate down to 1.2pc in August

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The annual inflation rate was of 1.2% in August, down by 0.22 percentage points against the previous month, the National Statistics Institute (INS) informs.

In July the annual inflation rate was of 1.4%, up against 0.85% in the previous month.

“In August 2017, against August 2016, the consumer prices have increased by 1.2%. The average consumer prices rate in the past 12 months (September 2016-September 2017) as compared to the previous 12 months, calculated on CPI, is of 0.2%,” the document reads.

Determined on the HICP basis, the average rate is 0.3%.

The National Bank of Romania (BNR) has revised in early August the inflation forecast for this year to 1.9%, up from a previous level of 1.6%.

Industrial production up by 7.4pc in July yoy

The industrial production increased in July by 7.4% as gross series and by 8.2% as adjusted series by working days and seasonality, INS also informs.

During January 1-July 31, 2017, against the same period in 2016, the industrial production (as gross series) was larger by 8% following the increases of the processing industry (+8.6%), quarrying and mining (+3.3%) and supply of electricity, heating, gas, hot water and air conditioning (+2.2%).

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