OREANDA-NEWS. February 12, 2010. As the NBM report states, according to the National Bureau of Statistics, in January 2010, following the last 12 months, the consumer prices grew by 2,8%, including the decrease in the foodstuffs prices by 0,6% and increase in prices for non-food goods and services by 4,1% and 4,5%, respectively.

At the same time, the macroeconomic forecast for the medium term, published by NBM, provided that in January 2010, the inflation rate in Moldova following the last 12 months would be within 1,9-2,3%. The NBM emphasizes that the inflation rate exceeded the estimated threshold mainly due to a serious rise in prices for food and fuel and partly because of the situation at the currency market.

Food prices were higher than projected due to rising food prices in the region and the world, and as the result of the increased costs of their storage because of the adverse climatic conditions. The above factors are seasonal, so in general, in the medium term, they will not affect the general price level.

The NBM draws attention to the fact that the level of food prices in January 2010 is below the level registered in January 2009. Food prices over the past 12 months have decreased by 0.6%. The National Bank noted that in January 2010, the greatest influence on prices over the past 12 months have had increase in tariffs for utilities and fuel by 0.5%.

This growth has a temporary affect on the inflation rate and consequences of this increase will be mitigated within 2010. Along with the consumer price index, the National Bureau of Statistics has also published the partial inflation index (base inflation), calculated by the excluding prices for foodstuffs and beverages, fuel, goods and services with regulated prices, which may not be directly affected by NBM monetary policy.

The National Bank noted that base inflation in January 2010 following the last 12 months amounted to 3,6% and corresponds to NBM forecast: 3,3% - 3,7%. The NBM emphasized that the analysis of inflation registered in January 2010, confirms that the forecast of the consumer price index, published in the Report on Monetary Policy N1 in 2010, meets expectations. In 2010 the National Bank of Moldova expects the inflation rate within 5-7%.

The National Bank of Moldova has declared that it would closely monitor situation in the national economy, in particular, evolution of inflation and deflationary factors in order to develop accurate forecasts and promote the appropriate monetary policy.