Fuel, tobacco prices led annual inflation to 1.21 pc in April

Consumer prices advanced 0.27 percent in April 2014 when compared to the previous month, while when compared to April 2013, consumer prices have gone up by 1.21 percent, according to data remitted on Monday by the National Institute for Statistics (INS). The mean monthly inflation rate of the first four months on 2014 stood at 0.4 percent, a 0.1 percent decrease when compared to the 0.5 percent recorded in the same period of 2013. Food stuffs got cheaper in March, both compared to the previous month, the difference being 0.06 percent, and when compared to March 2013, the difference standing at 2.29 percent, as INS data show. At the same time non-food products recorded a rise in prices, 0.67 percent more expensive in March than in February, and 3.04 percent more expensive in March 2014 when compared to March 2013. The price of services decrease with 0.05 percent monthly variance, but increased 3.91 percent overall when taking into account the entire year.
Compared to March, food prices were down 0.06 percent due to lower prices for vegetables, eggs, oil and sugar. However, non-food prices grew by 0.67 percent, because of higher fuel prices (+3.16 percent compared to March 2014) and more expensive tobacco (+1.77 percent). Fuel prices grew due to the new 7 eurocents per liter excise that the Romanian Government introduced on April 1.
Exports continue growth in Q1 2014
The same INS data reveal Romania’s exports grew by 10.1 percent (in euro) in the first quarter of 2014 to EUR 12.75 billion, while imports were up 9.6 percent to EUR 13.87 billion. The commercial deficit in the first quarter was EUR 1.12 billion just EUR 40 million higher than in the first quarter of 2013. Last year, Romania’s exports reached a record level of EUR 49.5 billion, after a 10 percent year-on-year growth. Exports were the main driver for Romania’s economic growth last year when GDP grew by 3.5 percent.
Romania’s main exports in the first quarter of 2014 were vehicles and transport equipment, which amounted to 42.5 percent, and other manufacturing products, which were 32.5 percent. Food, beverages and tobacco were 7.8 percent of total exports, fuels and lubricants were 6.8 percent, chemical products were 5.4 percent and raw materials were 5 percent.
In March, exports were EUR 4.48 billion, up 11.8 percent compared to March 2013, and imports were EUR 5.03 billion, 8.1 percent higher. This led to a commercial deficit of EUR 551 million, EUR 18.8 million lower than one year before.

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