Romania’s inflation rate unexpectedly rose in October for the first time in five months because of higher heating bills after the government cut subsidies to meet pledges to international lenders, Bloomberg reports.
The annual rate advanced to 3.55 percent from 3.45 percent in September, the National Statistics Institute in Bucharest said today in an e-mailed statement. The median estimate of nine economists surveyed by Bloomberg was for a 3.2 percent rate. Prices grew 0.6 percent on the month.
Romania’s inflation, which has slowed more than forecasts since July, prompted the central bank to lower its main interest rate on Nov. 2 to aid an economic recovery. The rate, which will probably end 2011 at 3.3 percent, leave policy makers with more room to reduce borrowing costs, Governor Mugur Isarescu said on Nov. 7.
Non-food costs advanced to 5 percent from a year earlier in October from 4.8 percent in September, mainly driven by surging heating and fuel prices, according to the institute. Food prices grew 1.7 percent in October, matching the September growth pace, while services prices growth accelerated to 3.6 percent from 3.5 percent the previous month, the institute said.
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TRANSELECTRICA RESULTS
Romania's state-owned power grid operator Transelectrica posted a nine-month net profit of 153.5 million lei ($47.8 million), it said on Thursday.
ROMANIA TO START DOLLAR ISSUE ROADSHOW NOV. 11
Romania's finance ministry will start a roadshow for a potential international debt issue, the second this year, on Nov. 11, deputy Finance Minister Bogdan Dragoi said on Wednesday.
ROMANIA JAN-SEPT TRADE GAP SHRINKS TO 6.9 BLN EUROS
Romania's trade deficit shrank by 1.2 percent on the year to 6.89 billion euros in January-September, with exports growing faster than imports, the National Statistics Board said on Wednesday.
ROMANIA POWER GRID NEEDS BIG INVESTMENT-OFFICIAL
Romania's power transmission system operator Transelectrica needs around 500 million euros to upgrade the power grid so it can handle an expected surge of wind generation, a company director said.
NUCLEARELECTRICA
Romanian investment fund Fondul Proprietatea said on Thursday the government's plan to hike the share capital of nuclear power plant Nuclearelectrica by 1.4 billion lei may reduce the fund's participation in the company by up to 1.8 percent. The fund said it will take all possible measures, including legal action, to protect its assets.
BCR
Romanian regional investment fund SIF Banat-Crisana, one of the five minority holdings in Banca Comerciala Romana (BCR), has signed papers to sell its stake in the bank to majority holder Erste Group Bank , it said on Thursday.
The fund will get 123.6 million lei and 1 percent of shares in Erste for its stake in BCR.
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