Russian Policy To Remain Key For Moldova

Moldovan year on year (y-o-y) inflation was 14.1% at end-2006, up from 10.2% a year earlier- a rise we had foreseen, but of a magnitude we had not. A doubling of the price of Russian gas in H106 (from US$80 to US$160 per 1000 cubic metres) was the major factor, contributing to a 28.7% jump in the consumer cost of fuels. Higher energy prices filtered through to almost every sector of the consumer basket. Foods, which account for around 40% of the basket rose 9.5%, while services, which include transportation costs, were up 20.1%. We believe that double-digit inflation will

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