Annual inflation rate – minus 0.9 pc, new record for the post-communist period. Average wage up by 2.5 pc

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Consumer prices fell in December 2015 against December 2014, so annual inflation stood at minus 0.9% and set a new record for the post-communist period after the one in 2014 of plus 0.83%.
“The consumer prices in December 2015, as compared to December 2014, were lower by 0.9%,” reads a press release from the National Statistics Institute issued on Wednesday.
This is the second consecutive year in which the year-end inflation is below the minimum range targeted by BNR, 1.5% respectively. In 2013, the annual inflation was of 1.55%, close to the minimum level targeted by the central bank.
The highest annual inflation rate was recorded in Romania in 1993, when the indicator reached 295.5%. Later, in 1994, inflation fell to 61.7% and in 1995 to 27.8%, but was ‘revived’ in 1996 when it climbed to 156.9%. The annual inflation then went on a downward trend, with slight ascent period, and from 2004 was maintained at a single digit.
For 2016, the central bank estimated in November 2015 an inflation of 1.1%, revised up from 0.7% estimated in August last year. BNR’s inflation target remains at 2.5% plus/minus one percentage point.

Average wage up by 2.5 pc in November to RON 1,918

Average net wage earning was of RON 1,918 in November, up against the previous month by RON 47, or 2.5%, the highest values of RON 4,756 being reported in the IT field, and the lowest, of RON 1,083 in hotels and restaurants, INS further informs.

The largest increases were registered in auxiliary activities to financial intermediation (including insurance and pension funds) – 25.5%, in the manufacturing of motor vehicles, trailers and semi-trailers, in the manufacture of tobacco products – between 11% and 13% and in printing and reproduction of recorded media, storage and auxiliary transport operations, in the manufacture of rubber and plastics, textiles, financial intermediation (except for insurance and pension funding), service operations in information technology (including related services), manufacture of furniture – between 6% and 9%.

Decreases were recorded in metallurgy (by 5%) and in crude oil and natural gas extraction (by 4.6%).

As compared to November the previous year, the net nominal average wage earning increased by 10%.

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