Romania’s inflation drops below target to 6.6% y/y at end-2023

Romania’s inflation drops below target to 6.6% y/y at end-2023

/ bne IntelliNews

By bne IntelliNews January 15, 2024

Romania’s consumer price inflation (chart) dropped marginally to 6.6% y/y in December, from 6.7% in November, ending the year 2023 well below the latest 7.5% y/y projection by the central bank.

Energy and food prices eventually stabilised through the year after a sharp rally in 2022, but the prices of non-food goods and particularly services gradually absorbed the higher commodity prices.

Thus, at the end of 2023, food prices were still 5.8% up y/y, non-food prices up by 5.5% y/y and the price of services surged by 11.2% y/y.

The central bank expects a new inflationary shock in January in response to the implementation of the “fiscal corrective package”, followed by a new episode of disinflation. The overall inflation is expected at 4.8% at the end of 2024.

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