Ciolacu: Inflation below 5% towards the end of the year

In a press conference held in Iasi, the Chief Executive said that inflation is currently around 5.9 percent, but the trend is downward. Prime Minister Marcel Ciolacu is convinced that by the end of the year, inflation in Romania will fall below 5%.

Quoted by Radio Romania Iasi, Marcel Ciolacu said that this reduction is due to the investments that are being made all over the country, especially in the area of health and infrastructure.

Marcel Ciolacu: I am firmly convinced that towards the end of the year, there will definitely be inflation below 5%. In fact, the NBR has also forecast this. What is most encouraging is the economic growth forecast for this year and especially for next year. Romania has managed not to go into recession. It has succeeded because there has been a mobilisation to release as much investment as possible.

National Bank Governor Mugur Isarescu said that the inflation rate will continue to fall, but at a slower pace than initially anticipated.

The main uncertainties and risks to inflation developments continue to come from the direction of fiscal and revenue policy.

Translated by: Radu Matei