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Monday, August 4, 2008

Romanian Producer Prices Accelerate Again In June

Romanian producer prices rose at the fastest pace in over three years in June as energy prices increased and rising wages hit output costs. The cost of goods produced in factories and mines rose an annual 19.4 percent in June, compared with 16.8 percent in May, the fastest pace since October of 2004. Prices grew 2.1 percent on the month, after rising 1.7 percent in May.

Prices of manufactured goods rose an annual 22.1 percent in June, compared with 19.6 percent in May, while price growth in the mining and drilling industries quickened to 17.8 percent from 11 percent. The costs of electricity, natural gas and water rose an average of 0.1 percent, compared with 3 percent in May, the statistics institute said.

The Banca Nationala a Romaniei last week raised its main interest rate, the highest in the European Union, to 10.25 percent from 10 percent. Monetary policy makers have gradually raised the rate from 7 percent in September.

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