Macroeconomic Forecast Moldova

The Moldovan consumer price index (CPI) fell 2.3% y-o-y in September, bringing year to date deflation to 2.9% y-o-y. Food prices have fallen particularly hard, declining by 8.2% y-o-y in September. The figure is indicative of the ongoing demand destruction linked to the broad-based recession in Moldova. In light of the ongoing y-o-y drop in the CPI, we have downgraded our end-2009 CPI forecast to -0.8% y-o-y, and our end-2010 figure to 3.0% y-o-y.

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