Moldova’s inflation further eases to 8.6% y/y in September
Consumer price inflation in Moldova eased to 8.6% y/y in September from 9.7% y/y in August, after prices rose by 0.5% m/m over the last month, the statistics bureau BNR announced.
Food prices increased by 8.2% y/y, non-food prices by 5.0% y/y and the prices of services (which include energy supply) by 14.9% y/y.
Consumer prices had previously declined for three consecutive months in June-August and they were in September, on average, still slightly lower than they were in April.
Annual inflation in Moldova peaked at 34% y/y in July-October last year. But the tight monetary policy and demand-side factors, two drivers not necessarily independent, contributed to sharp deflation in the first part of 2023.
This allowed the central bank to cut the monetary policy rate to 6% in June this year from 21.5% where it was during August-November last year. At this level, monetary policy is no longer hindering growth, the central bank said at that time.
A further rate cut was preliminarily announced for November at the latest monetary board meeting in September.
Russian service providers recorded a modest expansion in business activity during November, according to the latest PMI survey from S&P Global, but the rate of growth slowed somewhat from October.
Largest number of jobs created in construction, IT&C and hospitality sectors.
Czechia remains the only EU country not to have recovered its pre-pandemic level of output.
Independent group ENAG calculates 129% y/y.
Hungary’s economy grew 0.9% quarter-on-quarter in the third quarter, after four consecutive months of contraction.
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