ING has significantly lowered its estimate on the inflation rate at the end of this year, from 6.1 per cent to 4.7 per cent, after the indicator reached an unexpectedly low level in June, according to Mediafax. The ING estimate takes into account the Romanian Energy Regulatory Authority’s decision to maintain the price of natural gas unchanged for household consumers and the optimistic forecast concerning this year’s agricultural production. The new 4.7 per cent forecast includes the estimated impact that the elimination of home heating subsidies will have this autumn. If the subsidies are maintained the inflation rate will stand at 4.2 per cent at year end, ING claims.
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