National Bank of Romania struggles to keep inflation on target

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The National Bank of Romania's latest inflation report has put the recent rise in inflation down to a combination of factors including an upward adjustment of inflation expectations in the short run – despite a "significant" negative output gap.

The annual inflation rate pushed through the upper bound of the target band in Q3 2012, and has remained above the 4% upper bound ever since. That means the average annual inflation rate for 2012 slightly overshot its target of 3%. The target for 2013 is

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