The annual rate of inflation rose from 7.3% in June to 7.6% in September, National Bank governor Sergiu Cioclea stated when presenting a new report on inflation in a news conference, IPN reports.

The rise in the annual rate of inflation stemmed from the rise in the prices of agrifood products (immediately after the mid-April tempests) and the higher than projected increase in fuel prices following the rise in the price of a barrel of oil. However, the appreciation of the leu against the U.S. dollar was a factor that balanced out the growth tendencies of consumer prices, which means that less inflation was imported.

In its new forecast, the central bank places the annual rate of inflation for 2017 at 6.5%, while for 2018 at 4%, which is within the bank’s inflation target of 5%, plus minus 1.5%.

Sergiu Cioclea said the economic growth that will be recorded this year, even if it’s lower than projected initially, will be a precondition for confirming this inflation forecast. The expected rise of about 17% in exports is thus very important in this regard. Remittances during five months in a row exceeded US$ 100 million. The countries with which Moldova has commercial relations will also see economic growths this year.