Macroeconomic Forecast Moldova

Inflation remained stubbornly high in the last few months of 2011, with consumer prices up 8.9% y-o-y in November, led by soaring fuel costs. Average inflation was up 7.6% y-o-y in the period January-November, with the full-year figure likely to be very similar to the 2010 outturn of 7.4% (we target 7.5%). Our core view remains for prices to fall on lower domestic demand and global commodity prices in 2012, when we target average annual inflation of 6.8%.

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